Market Snapshots Rental Market

New Jersey’s Most Expensive ZIP Codes – Hoboken and Edgewater Rents 2.5 Times the National Average

New Jersey’s Most Expensive ZIP Codes

Key takeaways:

  • Hoboken’s 07030 is the #1 most expensive ZIP code for renters in New Jersey with an average of $3,401
  • At almost 52%, Jersey City’s 07306 (#37) experienced the highest rate of supply expansion as well as the highest rent gains at 34%
  • Livingston’s 07039 (#12) experienced the largest negative rent growth in the state at 3.27%

Currently the 4th most expensive state for renters, New Jersey’s average rent clocks in at $1,578, surpassed only by California, Massachusetts and New York. Although New Jersey followed national trends of modest gains or even negative rent growth, 07030, the #1 most expensive ZIP code in the state, still boasts an average rent of $3,401, according to Yardi Matrix – 2.5 times the national average, which stood at $1,354 in September.

The interactive table below allows you to take a detailed look at New Jersey’s top 50 most expensive ZIP codes for renters. Use the search box or click on the header of each column to sort results according to your preferences.

Top Most Expensive ZIP Codes in New Jersey

#ZIP codeCityCountyAverage Rent
107030HobokenHudson$3,401
207020EdgewaterBergen$3,280
307310Jersey CityHudson$3,170
407302Jersey CityHudson$3,115
507016CranfordUnion$2,826
607086WeehawkenHudson$2,803
707093West New YorkHudson$2,536
807932Florham ParkMorris$2,494
907079South OrangeEssex$2,445
1007024Fort LeeBergen$2,432
1107094SecaucusHudson$2,394
1207039LivingstonEssex$2,366
1308540PrincetonMercer$2,313
1407078Short HillsEssex$2,298
1507044VeronaEssex$2,239
1607081SpringfieldUnion$2,225
1707631Englewood CityBergen$2,221
1807071LyndhurstBergen$2,197
1907675WestwoodBergen$2,194
2007960MorristownMorris$2,170
2107029HarrisonHudson$2,132
2207073East RutherfordBergen$2,104
2307042MontclairEssex$2,103
2407090WestfieldUnion$2,079
2507856Mount ArlingtonMorris$2,065
2607304Jersey CityHudson$2,047
2707450RidgewoodBergen$1,976
2807928ChathamMorris$1,970
2907740Long BranchMonmouth$1,963
3007901SummitUnion$1,955
3107075Wood-RidgeBergen$1,941
3207885WhartonMorris$1,920
3307834DenvilleMorris$1,849
3407047North BergenHudson$1,839
3508807BridgewaterSomerset$1,824
3607002BayonneHudson$1,823
3707306Jersey CityHudson$1,822
3807083UnionUnion$1,813
3907103NewarkEssex$1,811
4007940MadisonMorris$1,789
4107065RahwayUnion$1,777
4207052West OrangeEssex$1,761
4308901New BrunswickMiddlesex$1,752
4407430MahwahBergen$1,748
4507605 (Tie)LeoniaBergen$1,739
4607403 (Tie)BloomingdalePassaic$1,739
4707728FreeholdMonmouth$1,731
4808648Lawrence TownshipMercer$1,730
4908873SomersetSomerset$1,723
5007601HackensackBergen$1,712

Reigning as the #1 most expensive ZIP code in the state of New Jersey, 07030’s average rent in 2017 clocks in at $3,401. Although softening 2% year-over-year, 07030 still kept its lead from 2016. The pricey ZIP covers the entirety of Hoboken, including neighborhoods such as Madison Park, Castle Point and SoHo West. With apartment construction at a 20-year high, Hoboken followed national trends, increasing its stock by 10% year-over-year. Hoboken added 482 units for a current total of 5,184 apartments. Some of the priciest of them are located at The South Independence at The Shipyard, The Sovereign at The Shipyards, Hoboken South Waterfront and The North Independence at The Shipyard, where apartments can go for well over 6,000 a month.

Bergen County’s 07020 – covering the borough of Edgewater — also maintained its runner-up position, despite a 2.6% contraction in the average rent. New Jersey’s #2 most expensive ZIP code, 07020’s average rent is currently at $3,368. Stock is also on the rise in 07020 – at a 5.7% year-over-year growth rate, the borough now totals 1,895 units. Named “A riverside borough with quirks” by The New York Times, Edgewater boasts Hudson River frontage, and views across to the Upper West Side and Harlem.

Neighboring New Jersey’s #1 most expensive ZIP code 07030, 07310 is currently the state’s 3rd priciest ZIP code for renters boasting an average rent of $3,201. Covering Jersey City neighborhoods like Newport and Van Leer, as well as Hoboken Yards, 07310 has a total of 5,165 units, down almost 8% year-over-year.

07310 also borders New Jersey’s 4th priciest ZIP code, 07302, which posted an average rent of $3,115 – a 1% year-over-year gain. 07302 also saw healthy supply gains, adding 1995 new units year-over-year, boosting its inventory to 9587 units. 07302’s pricey rents are not surprising, as the ZIP code covers Downtown Jersey City neighborhoods like Van Vorst Park, The Historic Downtown Village, Harsimus Cove, Hamilton Park, Mill Creek and parts of Metro Plaza.

07030 in Hoboken is the most expensive ZIP code in New Jersey, with the average rent clocking in at $3,401.  Curious to see if other states’ priciest ZIPs can take New Jersey on? Just move your cursor to another state boundary.

Methodology
  • Data compilation, analysis, and mapping done by RENTCafe using rent and construction data provided by Yardi Matrix, a RENTCafe sister company.
  • The average rent figures in this article were calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
  • ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations.
  • Rent pricies are for apartments only, no single-family homes or townhomes were included.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RENTCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology. For more in-depth, customized data, please contact us at media@rentcafe.com.

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About the author

Balazs Szekely

Balazs is a qualified journalist with a thing for real estate. This obsession comes in handy in his work as an online content developer and creative writer for RENTCafe. When he’s not thrashing his keyboard, he takes pleasure in photography, aquascaping and all kinds of DIY projects. Feel free to get in touch with Balazs via email or Twitter.

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