New Jersey Rent Report – October 2019

• The national average rent went up by 3.2% in the past year and 0.1% month-over-month, reaching $1,476 in October, according to data from Yardi Matrix.
• West Orange, NJ renters saw the highest monthly rent increase in October, with the average price reaching $1,860 per month. 
• Hoboken apartments are the most expensive, while apartments in Lindenwold have the cheapest rents. 

The national average rent reaches $1,476 per month in October, up by 0.1%

A sluggish fall rental season has the average national rent at $1,476, following a 3.2% ($46) annual increase. Typical for this time of the year, fewer people are moving into new apartments. The national average rent inched up just 0.1% ($1) in October, with apartment rates essentially flat for the past few months.

Renting in New Jersey in October 2019

The average rent in New Jersey cities is generally higher than the national average rent. The fastest growing rents in October were in West Orange, where rental apartment prices increased by 2.8% month over month, or $50. Irvington apartments saw the second highest monthly increase, jumping by 2.2% and making them $24 more expensive than last month. In Springfield, prices decreased by 1.5% ($35) compared to September.

Hoboken apartments are the area’s most expensive for renters, with an average price of $3,528, followed by apartments in Edgewater, where the average monthly rent is $3,180. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lindenwold, with an average apartment rent of $990.

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