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Hackensack, NJ |


Stringent mortgage requirements, high unemployment rates and low housing inventory are among the factors driving many would-be home buyers to the Garden State rental market. With more people choosing apartment communities as a flexible and affordable lifestyle option, vacancies nationwide have fallen to their lowest point in more than 10 years.

As one of New Jersey’s most active real estate development firms, Alfred Sanzari Enterprises of Hackensack, N.J., has seen vacancy rates decline throughout its residential portfolio over the last 12 months. The firm owns and manages approximately 538 luxury and garden-style units throughout Bergen County.

“Our vacancy levels fell to about 1.1 percent in May, down from almost 8 percent just one year ago, and consistently have been under 2 percent over the last year,” said Victoria Tinen, residential property manager. “This achievement is a group effort between our property and building managers, and leasing agents.”

A growing number of college graduates who do not have the funds or credit needed for a mortgage down payment, combined with an influx of corporate relocations from the nearby headquarters of Mercedes-Benz USA, IBM and A&P have fueled an increased demand for apartment living, said Tinen.

Optimizing Appeal

Renters want to live in a building where they know the owner is committed to making necessary improvements. For Alfred Sanzari Enterprises, it starts with creating a product that makes tenants want to stay even when their lease term expires. “We know people have options: either move to another apartment community or buy a home,” said Tinen. “We strive to create a maintenance-free atmosphere where people want to continue renting from us.”

The Alfred Sanzari Enterprises’ team constantly is assessing its properties and making improvements whenever necessary. “With each new tenant we refresh every unit, and perform required repairs and upgrades. We also look for ways to enhance overall curb appeal,” said Tinen. “By providing well-maintained common areas, making aesthetic enhancements and delivering exceptional customer service, we have been successful in attracting renters and minimizing turnover.”

One example of this philosophy at work is Nottingham Manor in Montvale, N.J., a collection of one-bedroom and two-bedroom duplex apartments. “Every tenant who moves into Nottingham Manor is getting a clean, freshly painted and updated apartment with a full appliance package, including dishwashers, in select units,” said Tinen. The same is true at The Ivanhoe in Hackensack, one of Bergen County’s premier luxury rental addresses, where recent lobby upgrades include new carpeting and reupholstered furniture.

Other communities from Alfred Sanzari Enterprises include Madison Arms in Hackensack, N.J., Willow Gardens in Teaneck, N.J., Queen Anne apartments in Hackensack, N.J., Prospect/Passaic St. in Hackensack, N.J. and Riverside Terrace in Bogota, N.J.

Leasing opportunities are available throughout Alfred Sanzari Enterprises’ residential portfolio. Prospective tenants can visit to view property photos and download rental applications. For more information, contact Leasing Agent Maritza Busch at (201) 741-2333. There is no broker fee.