Newark, NJ Rental Market Trends
What is the average rent in Newark?
The average rent for an apartment in Newark is $1,299. The cost of rent varies depending on several factors, including location, size, and quality.
Average Rent in Newark, NJ
| Average Rent | Average Apartment Size |
|---|---|
| $1,299 | 709 sq. ft. |
What is the average apartment size in Newark?
The average size for a Newark, NJ apartment is 709 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
Newark, NJ Occupied Housing Units
40,486 or 40% of the households in Newark, NJ are renter-occupied while 59,776 or 59% are owner-occupied.
Newark, NJ Rent Trends
| Average Rent | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | Jul / 2021 | Aug / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Newark, NJ | $1,156 | $1,159 | $1,179 | $1,199 | $1,219 | $1,212 | $1,209 | $1,237 | $1,228 | $1,285 | $1,299 |
| National | $1,347 | $1,356 | $1,361 | $1,393 | $1,400 | $1,402 | $1,393 | $1,397 | $1,485 | $1,510 | $1,539 |
Average Rent in Newark, NJ By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Industrial | $1,955 |
| North Ironbound | $1,955 |
| South Ironbound | $1,955 |
| West Side Newark | $1,856 |
| Fairmount | $1,735 |
| South Broad Valley | $1,577 |
| Springfield - Belmont | $1,469 |
| University Heights | $1,467 |
| Lower Roseville | $1,462 |
| Upper Roseville | $1,462 |
| Downtown Newark | $1,360 |
| Lincoln Park | $1,360 |
| Forest Hill | $1,279 |
| Mount Pleasant | $1,255 |
| North Broadway | $1,255 |
| Seventh Avenue | $1,255 |
| Lower Clinton Hill | $1,205 |
| Upper Clinton Hill | $1,205 |
| Dayton | $1,181 |
| Weequahic | $1,181 |
| Vailsburg | $939 |
What are the most affordable neighborhoods in Newark?
The most affordable neighborhoods in Newark are Vailsburg, where the average rent goes for $939/month, Dayton, where renters pay $1,181/mo on average, and Weequahic, where the average rent goes for $1,181/mo. If you’re looking for other great deals, check out the listings from Lower Clinton Hill ($1,205), Upper Clinton Hill ($1,205), and Mount Pleasant ($1,255), where the asking prices are below the average Newark rent of $1,299/mo.
What are the most expensive neighborhoods in Newark?
The most expensive neighborhoods in Newark are Industrial ($1,955), North Ironbound ($1,955) and South Ironbound ($1,955).
What are the most popular neighborhoods in Newark?
The most popular neighborhood in Newark is Downtown Newark, where there are 7 verified RENTCafé listings with an average rent of $1,360. Next up is Mount Pleasant, where apartments go for $1,255/month, followed by Weequahic with $1,181 If you’re looking to rent in Newark’s most popular neighborhoods, make sure to also check out West Side Newark, where renters pay $1,856 on average, and Lincoln Park, where the average monthly rent is $1,360.
Newark | Rent Comparison by Neighborhood
Rent in Dayton is 13% lower than in Downtown Newark
Dayton rent is 9% lower than Newark average
| Average Rent | $1,181 |
|---|
Downtown Newark rent is 5% higher than Newark average
| Average Rent | $1,360 |
|---|
How Newark Compares to Other Cities
| City | Average Rent |
|---|---|
| New York City | $3,609 |
| Manhattan | $4,072 |
| Jersey City | $2,842 |
| Jersey Shore | $1,655 |
| Brooklyn | $3,010 |
| Bronx | $1,622 |
| Hoboken | $3,374 |
| Newark | $1,299 |
| Irvington | $1,059 |
| East Orange | $1,434 |
| Paterson | $1,414 |