A broker told me last week that rentals in Hoboken is softening due to increased supply (e.g., completion of new constructions coming to markets with incentives for renters), and he expects rental price to stagnate or decline a little in the foreseeable future. 

New constructions are going left and right at the moment on my way to work everyday to supply that demand.  

Getting a referral from a fellow investor is OK, however that contractor may be good for the referee, but could be not so good for someone else.Contractors are special individuals - they too are chasing the buck and trying to get the best deal possible.You may want to write specifications  of what you want done - once you know what you want you can better compare bids from workman.I have found that meeting real people with real tools at a time they are buying supplies and materials at Home Depot 5:30 - 6 am picking up stuff to do their daily work is sometimes an effective way to find the craftsman you are looking for at a price that will serve you well.Getting referrals is OK - but how do you know that they didn't over-charge the person who is referring you to them?

There is a lot more demand and not nearly as much supply. 

Granted, there are other factors that are causing a population boom and supply is tight, so I believe prices will continue to rise steadily.

I made a quick list and set off to home depot for supplies.

Unless there were overages on the job which need back up, no contractor is going to supply you with an itemized breakdown of all his receipts and materials.

People did move in with friends and family raising occupancy but banks owned so many properties that were sitting empty that rental supply and demand was approximately the same resulting in no decline of rent (at least where our units were located).  

Biggest things I'd look at is how is the foundation, what kind of wiring is existing, type of water supply lines etc.  

Which is maybe 10-15 steps to the parking area.I know other multi units will supply a shovel ( that is returned at end of lease) and one bag of salt per season.