On the hunt for a new apartment this summer? If rent is anything to consider, you may want to hold off. The national average rent has seen a spike as peak rental season is currently in full effect, according to a new study by RentCafe.com.
June brought rent increases consistent with the end of the second quarter, the study found. Nationally, the average rent was $1,465, a 3.2% annual increase, 0.8% monthly increase and $45 more expensive than one year ago.
In New Jersey, there has been a mid-year increase in average rent in almost all cities.
Of all the large cities in the state, the fastest growing rents in June were in Camden, up 5.1% over the year and 0.6% month-over-month. Edison saw the highest monthly increase, up by 1% or $15 more than last month. Conversely, the slowest increase was seen in Jersey City, up 1.5%, and rents in Trenton decreased by 0.3% month-over-month. Irvington saw the highest uptick, where the average rent increased by 5.3%, or $50, over the first half of the year.
Of the large cities analyzed, Jersey City is the state’s most expensive for renters, with an average of $2,932, followed by Clifton ($1,672). By contrast, Camden was the cheapest to rent ($961), even with its high annual increase in June.
Small and mid-size cities in New Jersey showed faster rent increases, with Irvington on top with a 10% year-over-year rent growth. North Plainfield saw a 3% month-over-month rent growth, the highest among smaller cities in the state, followed by Piscataway, where apartments now cost 2.8% higher than they did last month. Hoboken is the most expensive place to rent in terms of “small and mid-sized city”, coming in at $3,506 per month, followed by Edgewater ($3,194) and Weehawken, ($2,983).
The five highest average monthly rents in June:
- Hoboken, $3,506;
- Edgewater, $3,194;
- Weehawken, $2,983;
- Jersey City, $2,932;
- Fort Lee, $2,591.
The five lowest:
- Camden, $961;
- Lindenwold, $984;
- Irvington, $991;
- Burlington, $1,026;
- Trenton, $1,120.
The report was based on data from Yardi Matrix compiled from actual rents charged in market-rate apartment communities with 50 or more units.
For the complete report, click here.