This may be the time to snag an apartment in New Jersey. Recent 3rd-quarter numbers suggest supply of the rental units is outpacing demand by a significant amount.

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Folks turned to renting, rather than owning a home, as the economy continued to falter in recent years. In response, housing construction boomed in 2013 and at the end of 2012, largely due to the building of multifamily rental units.

There's a tendency to overbuild when a certain part of the housing sector gets hot, according to James Hughes, Dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.

"A lot of supply has been added, and it's entirely possible it's too much supply," Hughes said. "But it's entirely possible that supply could be absorbed over the next six months or so."

In any case, the current situation could be positive for would-be renters. Rent prices and negotiations soften when there's an oversupply.

An undersupply does the opposite. Some sections of New Jersey aren't struggling with renting out their units, especially in areas with easy access to Manhattan.