A recent article that looked at rents across the New York City region claims that Jersey City’s rising costs are making it a less attractive alternative to life in the Big Apple.
Bloomberg took a look at average rents in several neighborhoods in New York City and Jersey City using data from StreetEasy. The outlet found that median rent throughout all of Jersey City came in at $2,850 in October, which equated to a 48% jump from January 2020.
The increase far outpaced not only most New York neighborhoods but almost 100 other major cities. The news was even tougher for what the article dubbed “PATH-accessible areas” of Jersey City, which had even higher rents averaging $3,600 per month.
The article, whose headline read “New Jersey Rent Surge Means It Makes Less Sense to Leave NYC,” determined that neighborhoods in Northeast and Central Queens, South Brooklyn, and areas described by Bloomberg as “Upper Manhattan” have lower rents than Jersey City.
However, Manhattan life will still make your wallet a bit lighter. The most expensive areas are apparently in Downtown Manhattan, where rent comes in averaging $4,800/month. The Upper West Side was second highest, with a median rent of $4,500/month.
Bloomberg’s analysis follows a Rent.com study from last year that claimed Jersey City had the country’s highest rents. The average monthly rent based on that analysis was $3,308/month, which is actually a bit higher than the latest October 2023 average rent from the StreetEasy study.
New York City was nowhere to be found on that list, as Rent.com claimed they “did not have enough data on the Big Apple to make an accurate average rent calculation.”
