A sluggish start to the fall rental period put the average national rent at $1,476 this month following a 3.2% annual increase, according to RENTCafe’s October Rent Report. This means renters are paying 0.1% more compared to September.
As for New Jersey, the state’s largest cities have rents that are generally higher than the national average.
West Orange has the fastest-growing rents this month, where apartment prices were up by 2.8% or $50 month-over-month. Irvington came in second, jumping by 2.2% or $24 more expensive than last month. Springfield showed the largest decrease, 1.5% or $35, when compared to September.
The state’s most expensive city to rent in is Hoboken, with an average price of $3,528, followed by Edgewater ($3,180), Weehawken ($3,011), Jersey City ($2,934), and Fort Lee ($2,590).
The cheapest city to rent of those analyzed was Lindenwold, with an average rent of $990. Coming in second-cheapest was Camden ($1,014), followed by Burlington ($1,057), Irvington ($1,102) and Trenton ($1,112).
Of the cities analyzed, here are the most notable changes in New Jersey’s rental market:
- The average rent in Jersey City seemingly is stabilizing – witnessing a mere 1% annual increase, and since September, the average rent dropped $11;
- Hoboken, Edgewater and Weehawken are the only cities to have average rents more than $3,000;
- West Orange and Irvington had the highest monthly increases of 2.8% and 2.2%, respectively, followed by West New York (1.5%), East Brunswick (1.4%) and Woodbridge (1%).
- Over the month, Newark added $7 to its average rent ($1,212).
To see the full report, click here.