- The U.S. average rent increased by 3.2% ($45) year over year reaching $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
- Irvington, NJ renters saw the highest annual rent increase in the state, reaching $991 per month in June.
- Hoboken apartments are the most expensive in the state, while apartments in Camden have the cheapest rents.
Mid-year the national average rent sees a spike as peak rental season is in full effect
In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.
Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.
Renting in New Jersey’s large cities in June 2019
The average rent in New Jersey’s largest cities is generally lower than the national average rent. The fastest-growing rents in June were in Camden, where rental apartment prices increased by 5.1% over the year and 0.6% month-over-month. Edison apartments saw the highest monthly increase, jumping by 1%, $15 more expensive than last month. At the other end of the spectrum, rents in Trenton have decreased by 0.3% month-over-month.
Of the large cities analyzed, Jersey City apartments are the state’s most expensive for renters, with an average rent of $2,932, followed by apartments in Clifton, where the average monthly rent is $1,672. On the other hand, the cheapest large city to rent an apartment in is Camden, where the average apartment rent is $961/month.
Renting in New Jersey’s small & mid-size cities in June 2019
Small and mid-size cities in New Jersey display a faster rent increase, with Irvington leading the way with a 10% year-over-year growth. North Plainfield witnessed a 3% month-over-month rent growth, the highest among smaller cities in the state, followed by Piscataway, where apartments are now 2.8% more expensive to rent than they were last month.
Hoboken is still the most expensive city to rent in, leading the rental market in the state with an average rent of $3,506. The runner up is Edgewater ($3,194), followed by Weehawken, with a $2,983 average per month.
Mid-year rent changes in New Jersey
Since the beginning of the year, there has been an increase in average rent in almost all of the cities in New Jersey. The highest increase in rent can be seen in Irvington, where average rent went up by 5.3%, or $50. Following closely behind is North Plainfield with a 4.6% or $63 increase since the beginning of 2019. At the other end of the spectrum, a decrease in average rent in the first half of the year can be seen in Harrison, where rent went down by 1.4%, or $32.
To compare the rental market in New Jersey with other cities in the U.S., you can also check our national rent report.
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.
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