Among the largest cities in New Jersey, Jersey City apartments are the most expensive, while apartments in Trenton have the cheapest rents, according to the latest New Jersey Rent Report.
National rent prices have increased by 3.2 percent over the year, the lowest annual growth in more than six months. Compared to figures from a year ago, the March average national rent of $1,430 per month is $44 higher. Month-over-month, however, there was an increase of 0.3 percent, or $4 more added to average rent prices. The figures are consistent to last spring’s growth levels, signaling the end of the sluggish winter season.
For March 2019, the average rent in New Jersey’s largest cities is generally lower than the national average rent. The fastest growing rents in March were in Trenton, where rental apartment prices increased by 5.6 percent over the year. On the other hand, the fastest year-over-year decrease in rent was registered in Edison by 1.1 percent.
Of the large cities analyzed, Jersey City apartments are the state’s most expensive for renters, with an average rent of $2,909, followed by apartments in Union, where the average monthly rent is $1,800. On the other hand, the cheapest large city to rent an apartment, of the cities analyzed is Trenton, with an average apartment rent of $1,118.
By far, commercial real estate data and research company Yardi Matrix found the most expensive apartments in the state are in Hoboken, with an average rent of $3,463. The runner up is Edgewater $3,160, followed by Jersey City, with a $2,909 average per month.