New Jersey Rent Report – February 2020

• The average monthly rent in Newark was $1,218 in February, $38 more than one year prior.
• Hoboken apartments are the most expensive in the state, renting for $3,579, while apartments in Lindenwold have the cheapest rents, $995 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest city in New Jersey

Apartments in Newark rented for $1,218 on average in February. Rents in the largest New Jersey city saw a year-over-year increase of 3.2%, or $38, compared to this time last year and no change compared to January.

Renting in New Jersey in February 2020

The average rent in New Jersey cities is generally higher than the national average rent. The fastest growing rents in February were in Paterson, where rental apartment prices increased by 10.6% year over year, or $129. Camden apartments saw the second highest yearly increase, jumping by 8.6% and making them $81 more expensive than this time last year. In Harrison, prices decreased by 3.1% ($68) compared to last February.

Hoboken apartments are the area’s most expensive for renters, with an average price of $3,579, followed by apartments in Edgewater, where the average monthly rent is $3,250. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lindenwold, with an average apartment rent of $995, being the only one under $1,000.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

To compare the rental market in New Jersey with other cities in the U.S., you can also check our national February rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.