{"id":100408,"date":"2020-02-15T03:17:54","date_gmt":"2020-02-15T11:17:54","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=100408"},"modified":"2020-02-21T07:30:50","modified_gmt":"2020-02-21T15:30:50","slug":"new-jersey-rent-report-january-2020","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/","title":{"rendered":"New Jersey Rent Report &#8211; January 2020"},"content":{"rendered":"<ul>\n<li><em>The average monthly rent in Newark was $1,217 in January, $41 more than one month prior. <\/em><\/li>\n<li><em>Hoboken apartments are the most expensive in the state, renting for $3,529, while apartments in Lindenwold have the cheapest rents, $988 per month.\u00a0<\/em><\/li>\n<li><em>The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>.<\/em><\/li>\n<\/ul>\n<h3>Renting in the largest city in New Jersey<\/h3>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/newark-nj\/\">Apartments in Newark<\/a> rented for $1,217 on average in January. Rents in the largest New Jersey city saw a year-over-year increase of 3.5%, or $41, compared to this time last year and a month-over-month increase of 0.4% ($5) compared to December.<\/p>\n<h3>Renting in New Jersey in January 2020<\/h3>\n<p>The average rent in New Jersey cities is generally higher than the national average rent. The fastest growing rents in January were in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/edgewater-nj\/\">Edgewater<\/a>, where rental apartment\u00a0prices increased by 1.1% month over month, or $34. <strong>Plainfield apartments<\/strong> saw the second highest monthly increase, jumping by 0.9% and making them $11 more expensive than last month. In <strong>Iselin<\/strong>, prices decreased by 1.8% ($31) compared to December.<\/p>\n<div style=\"max-width: 700px; margin: 0 auto;\"><script id=\"infogram_0_4a84c5ff-e4e2-457b-ae84-299fd860b3d4\" title=\"RentCafe_New Jersey-RentReport-January2020\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?itp\" type=\"text\/javascript\"><\/script><\/div>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/hoboken-nj\/\">Hoboken apartments<\/a>\u00a0are the area&#8217;s most expensive for renters, with an average price of $3,529, followed by <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/edgewater-nj\/\">apartments in Edgewater<\/a>, where the average monthly rent is $3,202. On the other hand, the cheapest city to rent an apartment of the cities analyzed is <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/lindenwold-nj\/\">Lindenwold<\/a>, with an average apartment rent of $988, being the only one under $1,000.<\/p>\n<h3>The January national average rent went up by 3% year-over-year<\/h3>\n<p>The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener\">Yardi Matrix<\/a>. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we&#8217;ve seen in 18 months, as the seasonal winddown wears on through the winter.<\/p>\n<p>Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/market-snapshots\/renting-america-housing-changed-past-decade\/\" target=\"_blank\" rel=\"noopener\">renting this past decade<\/a>, shifting from homeownership to a more flexible and comfort-driven lifestyle.<\/p>\n<p>To compare the rental market in New Jersey with other cities in the U.S., you can also check our <a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/apartment-rent-report\/january-2020-national-rent-report\/\">national January rent report<\/a>.<\/p>\n<h3>Methodology<\/h3>\n<p><em><a href=\"https:\/\/www.rentcafe.com\/\">RentCafe.com<\/a>\u00a0is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.<\/em><\/p>\n<p><em>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 <\/em><em><a href=\"https:\/\/www.yardimatrix.com\/\">Yardi Matrix<\/a><\/em><em>, 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.<\/em><\/p>\n<div class=\"usagerights\">\n<div class=\"fairuse\">\n<h3>Fair use and redistribution<\/h3>\n<p>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 <a href=\"https:\/\/www.rentcafe.com\">RentCafe.com<\/a> or this page, so that your readers can learn more about this project, the research behind it and its methodology.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The average monthly rent in Newark was $1,217 in January, $41 more than one month prior. Hoboken apartments are the most expensive in the state, renting for $3,529, while apartments in Lindenwold have the cheapest rents, $988 per month.\u00a0 The national average rent in January 2020 was $1,463, up 3% compared to the same time&hellip;<\/p>\n","protected":false},"author":157,"featured_media":102133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16366,3660],"tags":[],"class_list":["post-100408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-rent-reports","category-real-estate-news","gallery-content-unit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Jersey Rent Report - January 2020 - RentCafe rental blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Rent Report - January 2020\" \/>\n<meta property=\"og:description\" content=\"The average monthly rent in Newark was $1,217 in January, $41 more than one month prior. Hoboken apartments are the most expensive in the state, renting for $3,529, while apartments in Lindenwold have the cheapest rents, $988 per month.\u00a0 The national average rent in January 2020 was $1,463, up 3% compared to the same time&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-15T11:17:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-21T15:30:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2020\/02\/New-Jersey-rent-report-featured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"891\" \/>\n\t<meta property=\"og:image:height\" content=\"401\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Sanziana Bona\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sanziana Bona\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/\",\"name\":\"New Jersey Rent Report - January 2020 - RentCafe rental blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2020\/02\/New-Jersey-rent-report-featured.png\",\"datePublished\":\"2020-02-15T11:17:54+00:00\",\"dateModified\":\"2020-02-21T15:30:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/0cf863c205542e44b9fbde18b57c2120\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/#primaryimage\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2020\/02\/New-Jersey-rent-report-featured.png\",\"contentUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2020\/02\/New-Jersey-rent-report-featured.png\",\"width\":891,\"height\":401,\"caption\":\"new-jersey-rent-report-featured\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-january-2020\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rentcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Jersey Rent Report &#8211; 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