Newark, NJ Rental Market Trends
Highlights
The average rent for an apartment in Newark is $1,218, a 3% increase compared to the previous year.
Average Rent in Newark, NJ
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,218 | 3% | 707 sq. ft. |
The average size for a Newark, NJ apartment is 707 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Newark, NJ Apartment Rent Ranges
- < $5003%
- $501-$7004%
- $701-$1,00033%
- $1,001-$1,50041%
- $1,501-$2,00012%
- > $2,0007%
Newark, NJ Occupied Housing Units
- Renter-occupied Households39%
- Owner-occupied Households60%
37,788 or 39% of the households in Newark, NJ are renter-occupied while 59,100 or 60% are owner-occupied.
Newark, NJ Rent Trends
| Average Rent | Nov / 2016 | Mar / 2017 | Jul / 2017 | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Feb / 2020 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Newark, NJ | $1,125 | $1,125 | $1,150 | $1,148 | $1,152 | $1,156 | $1,159 | $1,179 | $1,199 | $1,219 | $1,218 |
| National | $1,340 | $1,337 | $1,368 | $1,371 | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 | $1,466 | $1,468 |
How Newark Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| New York City | $3,902 | 3% |
| Jersey City | $2,986 | 2% |
| Newark | $1,218 | 3% |
| Stamford | $2,387 | 1% |
| Yonkers | $2,072 | 3% |
| Elizabeth | $1,306 | 6% |
For more information about the Newark rental trends, check out our monthly rent report
Check out New Jersey Cities, New Jersey Neighborhoods and New Jersey Zip Codes for more details on verified listings, including the New Jersey Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!