No Knight. Jersey City went through a revitalization period, expanded it's luxury rental market and is trying to lure sophisticated, career people as renters. Their luxury buildings offer many desireable amenities. They tout an active lifestyle, easy access public transportation, including to NYC as well and some have water views which helps justify the high prices. One of my (some might say weird) hobbies is looking through apartment listings in various cities from time to time. I have to admit, even with the ridiculously high prices, some of those apartments are gorgeous and I'd love to have those amenities.
Here is a sampling of Jersey City listings: 1 BR 1 BA $4,451 (675 sq ft) 2 BR 1 BA $6,617 and 2 BR 2 BA $11,414!! Ridiculous, right?! Several months ago I posted a thread about a young couple living in Jersey City who were paying $4,000 a month, but I can't find it now. I believe they stated that they had a lot more space for the money than if they lived in NYC. JC rents are rivaling the infamous Bergen County rents. In fact, recently Hudson County, where JC is located, was named the most expensive county to live in.