These Are The Most Expensive, Cheapest Places to Rent in NJ

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Highest And Lowest New Jersey Rents
Hoboken claims the highest rents in New Jersey. Photo by Darrell Simmons/Jersey Digs.

A new report from RentCafé ranking New Jersey’s highest rents has a few of the usual suspects at the top of the list, but shines a light on the state’s better bargains and what direction monthly rents are heading.

The Santa Barbara-based blog recently released a nationwide study tracking cost for tenants in different regions and discovered that average monthly rents across the U.S. went up by 3.2% in the past year to a high of $1,476/month. The increase during October, which is the most recent month with available data, is a bit more modest 0.1% jump compared to September.

While rent increases in the Garden State were like those across the county, the amount renters are forking over in New Jersey cities is generally higher than the national average. Hoboken ($3,528/month), Edgewater ($3,180/month) and Weehawken ($3,011/month) are the three most expensive cities for renters and they are the only cities in New Jersey to boast average rents above $3,000. (If you’re interested in relocating, chat with the real estate experts at our partner Triplemint).

On the other end of the spectrum, the cheapest place to rent in New Jersey was Lindenwold. The Camden County borough of about 17,000 residents, which is about 30 minutes from Philadelphia, cost the average tenant $990/month and was the only place in the state where rents came in below $1,000.

The city with the fastest-rising rents during October was West Orange, where rental apartment prices increased by 2.8% to an average of $1,860/month. Irvington saw a 2.2% rent jump during October to about $1,102/month, while West New York came in third with a 1.5% increase to $2,432/month.

Rents in Newark and Jersey City, the state’s two largest cities, appear to be stabilizing. Over the month, Newark added $7 to the average rent to clock in at $1,212/month, while the average rent in Jersey City dropped $11 since September to $2,934/month. (If you’re interested in relocating, chat with the real estate experts at our partner Triplemint).

The most significant statistical decrease in the state was found in the Union county town of Springfield, where average monthly rent decreased 1.5% during October to an average of $2,303.

RentCafé’s data was compiled by their sister company Yardi Matrix, a business development and asset management tool for real estate professionals. The numbers don’t include fully affordable properties and only ranks cities with a statistically relevant stock of large-scale multifamily properties of 50+ units.

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8 COMMENTS

    • None of that matters.

      It’s simple supply and demand. JC proximity to NYC with mass transit should help start making some sense. The architecture, mostly historic brownstones, Victorians, and brick row houses add to the appeal for the people that want old charm. And finally the rapidly growing night life makes it a no brainer and should help explain the rent prices.

      Probably hard to believe given the recent shooting but crime is at a historic low.

  1. Rents are high in JC but it also allows for a restaurant like Corto to flourish. Affluent people want high end places to dine. The biggest problem for most people at the communal table last week was choosing between the wild boar ravioli and the rigatoni with pancetta for the pasta course. Never thought I’d be paying $150 for dinner for two on Palisade Ave of all places any time soon, so pricey but worth it. In addition half a dozen jobs are created and I assume a living wage is included in the price of the meal. It’s a nice dare I say almost Brooklynesque vibe addition to the neighborhood and everyone went home drunk, stuffed and happy!

  2. If tent increases are being compated, all the 21 counties should be compared.. because there has been an increase of rent in all NJ.. it does not feel like a fall at all..

  3. I can’t believe the sames homes I used to live at ,costs that much now .as rentals and not mortgages …I guess they are taking advantage of the bad credit post realestate market crash …well too each their own…sadly to see though..because that was and still is my home ..NJ

    ..

  4. get smart leave the metro area, you can make just as much money without the high tax and hassle. i moved to West Virginia 9 years ago, i sold my home in East Side Park Paterson for $400k i bought a 27 acre horse farm with a house that was built pre civil war like a gone with the wind mansion i paid $175 k it has 15 rooms. property has a large pond, stables ( no horses yet lol ) im about 20 minutes away from a decent size city,if i want the arts opera or broadway Pittsburgh is about 50 minutes away. im paying less taxes on my property actually i pay only $429 per year thats not a typo i pay $ 429.00 per year real estate tax.in Paterson I was paying $13 k a year. there’s no junkies here i don’t lock my door and a shot gun here is considered instant justice. I grew up in litlle Italy in lower Manhattan. NYC chased me to Jersey. Jersey chased me out of the metro area. i’ve been here 9 years it took awhile to adjust. here when someone says good morning they really mean it. i have two wineries within a 20 minute drive , there’s an art colony 5 minutes away .ppl from Jersey, the city, and Philly are moving here. my gf sells on the phone,i’m a builder . our income stayed the same basically. the same but money gos along way here. my car insurance dropped by 70 percent. look if you dont mind getting ripped off by the gov, just about everyone else then stay where you are but there is life across the Hudson. it took me awhile to realize that.

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