{"id":76972,"date":"2019-06-15T05:52:28","date_gmt":"2019-06-15T12:52:28","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=76972"},"modified":"2021-10-20T06:10:05","modified_gmt":"2021-10-20T13:10:05","slug":"new-jersey-rent-report-may-2019","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/","title":{"rendered":"New Jersey Rent Report &#8211; May 2019"},"content":{"rendered":"<ul>\n<li><em>The national average rent reached <strong>$1,442<\/strong> in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>\u00a0data.<\/em><\/li>\n<li><em>Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290\u00a0<\/em><em>per month.\u00a0<\/em><\/li>\n<li><em>Among the state&#8217;s largest cities, Jersey City apartments are the most expensive, while apartments in\u00a0Trenton have the cheapest rents.\u00a0<\/em><\/li>\n<\/ul>\n<h3>Apartment rents increase by 2.5% as the prime rental season kicks off<\/h3>\n<p>Average rent prices went up by 2.5% year-over-year in May and reached a\u00a0<strong>$1,442\u00a0<\/strong>monthly\u00a0average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we\u2019ve seen in 18 months. Residential rents are rising\u00a0steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump.\u00a0Compared to last May, renters pay $35 more on average, according\u00a0to the latest\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"external noopener noreferrer\" data-wpel-link=\"external\">Yardi Matrix<\/a>\u00a0data on apartment market trends.<\/p>\n<p><script id=\"infogram_0_2fcc4118-40f4-4460-8f25-b4972beda8ba\" title=\"New Jersey - RentReport May\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?L7Z\" type=\"text\/javascript\"><\/script><\/p>\n<h3>Renting in New Jersey&#8217;s large cities in May 2019<\/h3>\n<p>The average rent in New Jersey&#8217;s largest cities is generally higher than the national average rent. The fastest growing rents in May were in <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/east-orange-nj\/\">East Orange<\/a>\u00a0where rental apartment\u00a0prices increased by <strong>4.5%<\/strong> over the year and 0.5% month-over-month. <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/trenton-nj\/\">Trenton apartments<\/a> saw the second highest annual increase, jumping by <strong>4.1%<\/strong>, <strong>$44<\/strong>\u00a0more expensive than the same month last year. At the other end of the spectrum, rents in <strong>Union\u00a0<\/strong>have decreased by <strong>1.5%<\/strong> year-over-year.<\/p>\n<p>Of the large cities analyzed, <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/jersey-city-nj\/\">Jersey City apartments<\/a> are the state&#8217;s most expensive for renters, with an average rent of <strong>$2,920<\/strong>, followed by <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/union-city-nj\/\">apartments in Union<\/a>, where the average monthly rent is <strong>$1,810<\/strong>. On the other hand, the cheapest large city to rent an apartment in, of the cities analyzed is <strong>Trenton<\/strong>, with an average apartment rent of <strong>$1,124<\/strong>.<\/p>\n<h3>Renting in New Jersey&#8217;s small cities in May 2019<\/h3>\n<p>Small and mid-size cities in New Jersey display a faster rent increase, with\u00a0<a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/city-of-orange-nj\/\">Orange City<\/a>\u00a0leading the way. Orange witnessed a <strong>7.4%<\/strong> year-over-year rent growth,\u00a0 followed by <strong>Irvington<\/strong>, where apartments are <strong>5.7%<\/strong> more expensive to rent than a year ago.<\/p>\n<p><a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/hoboken-nj\/\">Hoboken<\/a> is still the most expensive city to rent in, leading the rental market in the state with an average rent of <strong>$3,471<\/strong>. The runner up is <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/edgewater-nj\/\">Edgewater<\/a> ($3,165), followed by <a href=\"https:\/\/www.rentcafe.com\/apartments-for-rent\/jersey-city-nj\/\">Jersey City<\/a>, with a $2,920 average per month.<\/p>\n<p>To compare the rental market in New Jersey with other cities in the U.S., you can also check our\u00a0<a href=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/slowest-annual-rise-18-months-kick-starts-peak-rental-season-may-national-average-reaches-1442\/\">national rent report<\/a>.<\/p>\n<h3>Methodology<\/h3>\n<div>\n<p><em><u><a tabindex=\"-1\" title=\"https:\/\/www.rentcafe.com\/\" href=\"https:\/\/www.rentcafe.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">RentCafe.com<\/a><\/u>\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><u><i><a tabindex=\"-1\" title=\"https:\/\/www.yardimatrix.com\/\" href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Yardi Matrix<\/a><\/i><\/u><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>\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 national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to\u00a0Yardi Matrix\u00a0data. Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290\u00a0per month.\u00a0 Among the state&#8217;s largest cities, Jersey City apartments are the most expensive,&hellip;<\/p>\n","protected":false},"author":149,"featured_media":77848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16366,38713],"tags":[],"class_list":["post-76972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-rent-reports","category-nosidebar","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 - May 2019 - RentCafe rental blog<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\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 - May 2019\" \/>\n<meta property=\"og:description\" content=\"The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to\u00a0Yardi Matrix\u00a0data. Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290\u00a0per month.\u00a0 Among the state&#8217;s largest cities, Jersey City apartments are the most expensive,&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"RentCafe rental blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-15T12:52:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-20T13:10:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png\" \/>\n\t<meta property=\"og:image:width\" content=\"890\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Marina Andresi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marina Andresi\" \/>\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-may-2019\/\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/\",\"name\":\"New Jersey Rent Report - May 2019 - 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-may-2019\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png\",\"datePublished\":\"2019-06-15T12:52:28+00:00\",\"dateModified\":\"2021-10-20T13:10:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/1d8d2759c3b8c6213d031b5efbc74288\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#primaryimage\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png\",\"contentUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png\",\"width\":890,\"height\":400,\"caption\":\"New Jersey_May_rent report\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rentcafe.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Jersey Rent Report &#8211; May 2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#website\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/\",\"name\":\"RentCafe rental blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rentcafe.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/1d8d2759c3b8c6213d031b5efbc74288\",\"name\":\"Marina Andresi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/12\/Default_profile_pic.png?w=96\",\"contentUrl\":\"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/12\/Default_profile_pic.png?w=96\",\"caption\":\"Marina Andresi\"},\"description\":\"Marina is a marketing content developer for RENTCaf\u00e9.com. She likes to research and write about real estate market trends and their impact on the nation's social scene. She also writes essays about significant films and TV shows. If you want to get in touch you can email her @ marina.rentcafe@yardi.com.\",\"url\":\"https:\/\/www.rentcafe.com\/blog\/author\/marinaa\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"New Jersey Rent Report - May 2019 - RentCafe rental blog","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"New Jersey Rent Report - May 2019","og_description":"The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to\u00a0Yardi Matrix\u00a0data. Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290\u00a0per month.\u00a0 Among the state&#8217;s largest cities, Jersey City apartments are the most expensive,&hellip;","og_url":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/","og_site_name":"RentCafe rental blog","article_published_time":"2019-06-15T12:52:28+00:00","article_modified_time":"2021-10-20T13:10:05+00:00","og_image":[{"width":890,"height":400,"url":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png","type":"image\/png"}],"author":"Marina Andresi","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Marina Andresi","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/","url":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/","name":"New Jersey Rent Report - May 2019 - 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-may-2019\/#primaryimage"},"image":{"@id":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png","datePublished":"2019-06-15T12:52:28+00:00","dateModified":"2021-10-20T13:10:05+00:00","author":{"@id":"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/1d8d2759c3b8c6213d031b5efbc74288"},"breadcrumb":{"@id":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#primaryimage","url":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png","contentUrl":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png","width":890,"height":400,"caption":"New Jersey_May_rent report"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/new-jersey-rent-report-may-2019\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rentcafe.com\/blog\/"},{"@type":"ListItem","position":2,"name":"New Jersey Rent Report &#8211; May 2019"}]},{"@type":"WebSite","@id":"https:\/\/www.rentcafe.com\/blog\/#website","url":"https:\/\/www.rentcafe.com\/blog\/","name":"RentCafe rental blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rentcafe.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/1d8d2759c3b8c6213d031b5efbc74288","name":"Marina Andresi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rentcafe.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/12\/Default_profile_pic.png?w=96","contentUrl":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2023\/12\/Default_profile_pic.png?w=96","caption":"Marina Andresi"},"description":"Marina is a marketing content developer for RENTCaf\u00e9.com. She likes to research and write about real estate market trends and their impact on the nation's social scene. She also writes essays about significant films and TV shows. If you want to get in touch you can email her @ marina.rentcafe@yardi.com.","url":"https:\/\/www.rentcafe.com\/blog\/author\/marinaa\/"}]}},"jetpack_featured_media_url":"https:\/\/www.rentcafe.com\/blog\/wp-content\/uploads\/sites\/62\/2019\/06\/New-Jersey_rent-report_890x400.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/posts\/76972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/users\/149"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/comments?post=76972"}],"version-history":[{"count":3,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/posts\/76972\/revisions"}],"predecessor-version":[{"id":77896,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/posts\/76972\/revisions\/77896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/media\/77848"}],"wp:attachment":[{"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/media?parent=76972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/categories?post=76972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rentcafe.com\/blog\/wp-json\/wp\/v2\/tags?post=76972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}