New Jersey Rent Report – April 2019

• The national average rent reached $1,436 in April 2019, up by 3% ($42) year over year, and by 0.3% ($5) month over month, according to Yardi Matrix data.
• Orange, NJ renters saw the highest annual rent increase in April, reaching $1,276 per month. 
• Among the state’s largest cities, Jersey City apartments are the most expensive, while apartments in Trenton have the cheapest rents. 

Rents see a 3% annual increase in April, the lowest annual increase in 11 months

Nationally, average rent prices rose by 3% year-over-year, according to the latest Yardi Matrix data on apartment market trends. Rents averaged $1,436 this April — the second month in a row to witness a 0.3% m-o-m growth. Compared to last April, renters pay $42 more on average per month following relatively flat m-o-m rent increases during the off-season.

Renting in New Jersey’s large cities in April 2019

The average rent in New Jersey’s largest cities is generally lower than the national average rent. The fastest growing rents in April were in Trenton, where rental apartment prices increased by 5.3% over the year, but have stagnated since the end of March. Hamilton apartments saw the second highest annual increase, jumping by 4.4%, $59 more expensive than the same month last year. On the other hand, rents in Union have decreased by 1% year-over-year.

Of the large cities analyzed, Jersey City apartments are the state’s most expensive for renters, with an average rent of $2,922, followed by apartments in Union, where the average monthly rent is $1,795. On the other hand, the cheapest large city to rent an apartment in, of the cities analyzed is Trenton, with an average apartment rent of $1,122.

Renting in New Jersey’s small cities in April 2019

Small cities in New Jersey follow the national trend by displaying the fastest rent increases in their state. Orange City witnessed a 6.8% year-over-year rent growth, closely followed by Blackwood, where apartments are 6,2% more expensive to rent than a year ago.

By far, the most expensive apartments in the state are in Hoboken, with an average rent of $3,472. The runner up is Edgewater ($3,168), followed by Jersey City, with a $2,922 average per month.

Methodology

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

To prepare the state rent report, we analyzed only cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. To compile the national rent report, RentCafe’s research team analyzed rent data across the 253 largest cities in the U.S., in large-scale apartment buildings with 50 or more units.

Rent data was provided by 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. Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in the Yardi Matrix rental surveys and are not reported in rental rate averages.