The rental market in North Jersey remains among the most competitive in the nation, but according to rent information provider RentCafe, the rental market is easing. In the latest “Rental Market Competitiveness Report,” North Jersey dropped slightly in the national rankings to No. 11 after holding the No. 3 spot last year, clocking in with a competitiveness score of 79.6.
The region slipped to 11th place, largely because of a 0.93% increase in apartment supply that likely eased pressure in cities such as Jersey City, Hoboken or Newark. That’s one of the highest increases in the Northeast.
In cities like Jersey City, Newark, and Hoboken, the average renter is now competing with about 10 other people for a vacant apartment, down from 13 last year.
The overall occupancy rate also dipped slightly, to 95% from 96%, at the start of the rental season. Lease renewals rose to 77.9% in the last year — second only to Central Jersey’s 80.6%.
It’s still a challenge to find an apartment in North Jersey. Occupancy remains high and lease renewals are up again, with nearly three-quarters of renters choosing to stay put. Renters are still holding tight to the apartments they already have — and the new ones aren’t sitting empty for long.
Even with North Jersey’s softening, the Northeast remains a red-hot region for apartment-seekers, with seven markets making the national ranking. Four made the top 10, including Manhattan, and suburban Philadelphia, Brooklyn, and Bridgeport-New Haven.
Nationwide, the average renter stays in their apartment for 29 months. New leases average 12 months, and renewals typically extend for another 12 months.
The Northeast sees the longest average stays at 39 months, led by Brooklyn, where renters stay for an average of 53 months.
Renters in the Northeast also sign the longest new lease terms, averaging 13 months, with Brooklyn renters signing for 14 months on average.
Lease renewals are longest in the Northeast as well, averaging 13 months. Again, Brooklyn leads with average renewal terms of 15 months.
Miami, bolstered by Florida’s enduring appeal, strengthened its status as the hottest renting spot in the nation, driven by its diverse economy and relatively affordable cost of living compared with major coastal cities.
