Fresh off a study that insisted Garden State residents are thinking about hitting the exits, a new analysis concludes that rental prices in Jersey City have skyrocketed over the last year.
Rent.com recently released a report ranking the highest overall rents in the United States. The company pulled data from their multifamily rental inventory for one- and two-bedroom units from June 2021 into this year. A single measure of price for all unit types per time period was then calculated using a weighted average based on the number of available units.
Based off that formula, Jersey City logged the highest rent in the U.S over the survey period. The average monthly rent shot up from $3,308 in June last year to $5,500 in 2022, an increase of 66.25 percent.
That jump was the third highest in Rent.com’s survey, coming in just behind Redmond, Washington’s 86.11 percent average rent increase and the Austin suburb of Pflugerville, Texas, where rents rose a whopping 126.34 percent.
The Garden State makes another appearance on the list at number seven, as Hoboken renters were found to face an average bill that was 21.46 percent higher than last year. The Mile Square City’s average rent came in at $4,264/month, or $1,200 cheaper than Jersey City.
Fast-growing (Bayonne is the only other N.J. spot to register on Rent.com’s list at #34. Renters there saw prices rise an average of 13.65 percent to $3,101/month.
New York City was nowhere to be found on the list, with Rent.com claiming they did not have enough data on the Big Apple to make an accurate average rent calculation. A Bloomberg article from May suggested average NYC rents now run about $4,000/month, while a report this month from Douglas Elliman claimed Manhattan rents hit an average of $5,000/month for the first time.
In terms of the rest of the top 10, Boston logged the second highest rent in the U.S. during the survey period at $4,878/month. The next three cities on the list were found out west, as Palo Alto (#3) and Glendale (#4) both saw double-digit rent hikes at 31.34 percent and 36.32, respectively.
Rent in Santa Monica (#5) averaged $4,357, an increase of 15.07 percent over last year. Coral Gables, Florida (#6), Redmond Washington at #8, ninth-ranked San Diego, and Newport Beach, California rounded out the top spots.
Other major cities that landed on Rent.com’s highest monthly rents report included Los Angeles (#12), San Francisco (#13), Miami (#33), Chicago (#46), Washington D.C. (#59), Seattle (#60), and Denver (#64).