The average U.S. apartment rent grew moderately into the new year, increasing by 3% year-over-year to $1,463, according to RentCafe’s National Rent Report.
The 3% uptick is the slowest pace recorded in the past 18 months, due to the seasonal winddown through the winter, RentCafe said. Rents are anticipated to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S.
As for New Jersey, the state’s largest cities have rents that are generally higher than the national average.
Edgewater had the fastest-growing rents this month, where apartment prices increased by 1.1% or $34 month-over-month to $3,202. Plainfield came in second, jumping by 0.9% or $11 more expensive than last month to $1,232. Following that comes Passaic, up 0.8% to $1,289, and Cherry Hill, up 0.7% to $1,526.
In Iselin, prices decreased by 1.8% or $31 to $1,681 compared to December, followed by Springfield decrease of 0.8% to $2,282 and North Brunswick’s decrease of 0.7% to $1,599.
The state’s most expensive city to rent an apartment in is Hoboken, with an average price of $3,529, followed by Edgewater ($3,202), Weehawken ($3,011), Jersey City ($2,942) and Fort Lee ($2,596).
The cheapest city to rent in the state of was Lindenwold, with an average apartment rent of $988, being the only city analyzed under $1,000. Coming in second-cheapest was Camden at $1,013 followed by Burlington ($1,054), Trenton ($1,108), and Irvington ($1,131).
Of the cities analyzed, here are the most notable changes in New Jersey’s rental market:
- 71% of the households in Jersey City are rentals;
- 77% of the households in Newark are rentals, the highest share of any New Jersey city;
- Newark apartments go for $1,218 after a 3.5% annual jump in rent;
- Hoboken rents added $60 over the year.