Is Hoboken rental market softening

[Sandra B.]

Looking for insight from those with boots on the ground.

Bought a 2/1 in downtown Hoboken in 2012.  The unit was a condo conversion from low income housing in an 8 unit brownstone 3 blocks from the projects.  Got it for a good price pre-construction and was essentially a new build, new roof, central A/C, W/D in unit, dishwasher, bamboo floors, new kitchen with granite, 16 ft ceilings, small loft area, skylights (yes, it is the 4th floor in a walk up).  Refinanced in 2013 to a 15 year.

In 2015, rented the unit for $2600/month myself through Craigslist to great tenants. This rent covered all expenses on the 15 year mortgage, insurance, and HOA fees with small profit that got eaten up on paper by LLC expenses, depreciation, PM and accounting fees, etc. In 2016, rented in 1 day from afar through a realtor for $2675 with multiple offers to more great tenants who have renewed their lease.

Just for funsies, I was looking at rentals in Hoboken.  Is it just me, or is the market softening? I'm seeing what look like great updated apartments, with a lot of the most sought after amenities (even parking!) offering to cover realtor's fees, provide gift cards, etc.  Prices seem to be stagnant or perhaps slightly lower than a year ago?  Are others seeing this, or I wrong?

If I'm right, what is driving this? All the uptown development?  Less expensive competition in JC Heights?  Or is there a more critical change in the market that I'm missing. 

My plan for this property has always been buy and hold, essentially forever, since the dynamic in the market requires no work on my part to rent or manage the unit.  But now I'm wondering if the fundamentals are starting to shift, managing a headache from 3000 miles away would not be fun.