According to RENTCafé’s latest National Monthly Rent Report, the national average rent hit $1,463 at the end of January after an annual net addition of $43.
Looking closer at New Jersey, data shows the average rent in the Garden State’s cities is generally higher than the national median.
The fastest-growing rents for the month were in Edgewater, where rental apartment prices increased by 1.1 percent month over month, or $34. Plainfield apartments saw the second-highest monthly increase, jumping 0.9 percent and making them $11 more expensive than last month.
In Iselin, prices decreased by 1.8 percent ($31) compared to December.
The average rent in Jersey City reached $2,942 after a 1 percent year over year increase. Prices here remain high, as 71 percent of households in the city are rentals, and demand is considerable.
After a 3.5 percent annual jump in rent, Newark apartments currently go for $1,217. Newark holds the highest share of renter households in the state—77 percent.
Hoboken rents added $60 over the year, reaching an average of $3,529. The price remains the most expensive in the state, and it’s not likely to be surpassed any time soon. At the opposite end, Lindenwold is the least expensive city for renters, with an average of $988. It is the only city of those analyzed with an average rent under $1,000.
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 percent more Americans who earn over $150,000 per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.