March rent report: Hoboken is still the most expensive

The start of the rental season saw prices increase by 3.2% to $1,430 per month in March, according to RENTCafe‘s March Rent Report.

As for New Jersey, the state’s largest cities generally have an asking rent lower than the national average, the report said.

Of the cities analysed, here are the most notable changes in New Jersey’s rental market:

  • In March, the fastest growing rents were in Trenton, where rent prices increased by 5.6% over the year to $1,118;
  • In March, the second fastest growing rents were in Hamilton, where rent prices increased by 5.4%, $71 more than the same month last year;
  • Hoboken has the most expensive apartments in the state, where the average rent hit $3,463, followed by Edgewater ($3,160) and Jersey City ($2,909);
  • Edison rents went down by 1.1%, $17 less than the same period last year;
  • Trenton has the lowest rents of all the largest cities;
  • Over five years, Newark rents increased 11.8% and Jersey City 10.9%;
  • Maple Shade’s rent prices increased the most (6.8%) year-over-year, followed by Orange (6%) and Trenton (5.6%).

To see the full report, click here.

RENTCafe is an apartment search website for renters to easily find apartments and houses for rent. To prepare the rent report, it analyzed 253 cities with a rental stock of at least 2,000 apartments in 50+ unit buildings.