New Jersey Rent Report – March 2020

• The average monthly rent in Newark was $1,212 in March, $27 more than one year prior.
• Hoboken apartments are the most expensive in the state, renting for $3,587, while apartments in Lindenwold have the cheapest rents, $993 per month. 
• The national average rent in March 2020 was $1,474, up 2.9% 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 $1,212 on average in March. Rents in the largest New Jersey city saw a year-over-year increase of 2.3%, or $27, compared to this time last year and a decrease of 0.5% ($6) compared to February.

Renting in New Jersey in March 2020

The average rent in New Jersey cities is generally higher than the national average rent. The fastest growing rents in March were in Paterson, where rental apartment prices increased by 9.7% year over year, or $118. Camden apartments saw the second highest yearly increase, jumping by 8.7% and making them $82 more expensive than this time last year. In Harrison, prices decreased by 2.1% ($47) compared to last March.

Hoboken apartments are the area’s most expensive for renters, with an average price of $3,587, followed by apartments in Edgewater, where the average monthly rent is $3,241. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Lindenwold, with an average apartment rent of $993, being the only one under $1,000.

The March national average rent went up by 2.9% year-over-year

The national average rent was $1,474 in March, having gone up by 2.9% ($42), in stark contrast to February’s 3.2% yearly rise. This is the first time since 2016 that we see a deceleration from February to March (when the rental season is supposed to kick off), as the new coronavirus pandemic is beginning to take its toll on the economy and the apartment market. 

Under normal circumstances, interest for apartments goes up this time of year, and rent prices would be expected to pick up speed in March. But as more and more states urge social distancing, both landlords and residents have begun seeing the effects of the pandemic. Google Trends shows a decrease in searches for apartments, as interest in other home-related subjects — such as home disinfection or home office setups — has skyrocketed.

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