A recent survey showed that 51% of renters moved into their residence within the last two years. That’s not necessarily true in New Jersey.
The survey, conducted in 2019, found that 7.4% of renters in New Jersey had been in their place for at least 20 years, the third-highest percentage of renters who have been in their place for at least 20 years.
In addition, more than one in five (21.6%) had been in their place for at least 10 years. Both numbers are significantly higher than the rest of the country, where only 5.5% had been in their place for 20 years and just 16.1% had been in their residence for 10 years.
This, despite the fact the percentage of people renting in New Jersey (36.7%) mirrored the national total of 35.9%.
One advantage of staying in a rental unit longer is that landlords tend to raise rent more slowly for existing tenants — a factor that is especially important when market rents are growing faster than wages.
Census Bureau data shows that renters who have been in their homes longer pay much less in rent, on average, than renters who have been in their homes for less time. In 2019, the median rent for households who moved into their homes within the past two years was 25% higher than the median rent paid by those who last moved in 1999 or earlier.
In New Jersey, residents in three areas were key to the findings.
Newark ranked 6th among midsize cities for 20-year residents, at 8%. Jersey City was 11th, at 6.8%. Paterson was No. 3 among small cities, at 10.7%.
