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.
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.
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.