There’s a 96.4% occupancy rate — and a 71% renewal rate. And, with an average of 14 potential renters chasing each available unit, it’s no wonder finding an apartment in North Jersey is so difficult.
The only good thing you can say: It’s no longer the hardest spot in the country to find a place.
According to RentCafe’s Rental Competitivity Report, which shows how easy or how hard it is for renters to find an apartment in America’s 137 largest rental hotspots, North Jersey has been dethroned.
South Florida has taken over the top spot.
Not to worry, North Jersey is close behind — at No. 2. And Central Jersey comes in at No. 12.
For the purpose of this ranking, North Jersey consists of Jersey City, Newark, Hoboken, Union City, Passaic and a few other locations.
No one is really sure how Central Jersey is defined.
This much is clear: It’s almost twice as hard for renters in North Jersey to secure an apartment compared to the rest of the country.
In the U.S., an average of nine renters are competing for an apartment, the occupancy rate is 94% (2.5% more availability than in North Jersey), the share of new apartments is double that in North Jersey and only 60% of dwellers renew their leases, leaving more options available on the market.
What to do — where to go? That’s up to you. But here are some spots that are equally slim pickings.
Brooklyn is No. 9, Philadelphia is No. 11 — Boston comes in at No. 18.
It’s enough to make you want to pick up and move to Omaha, Nebraska.
That’s not a good idea, either — it came in at No. 5.
For a complete look at the report, click here.
