As the end of peak rental season came to a close, August national and local rents marked a month-over-month slowdown, according to a report released by RENTCafé with data gathered by Yardi Matrix. The national average rent reached $1,472 in August, after a mere 0.2 percent increase since July. Monthly increases were small in New Jersey, however, over the year most of the cities here saw some increases.
East Brunswick, NJ renters saw the highest monthly rent increase in August, with the average price reaching $1,604 per month.
Rents in Jersey City increased by $58 over the year, clocking in at an average of $2,956. This makes Jersey City the fifth most expensive small city for renters nationwide, right after Santa Clara, California.
Small cities North of Jersey City registered the most expensive rents in the state. Hoboken continues to reign the market in the Garden State with an average rent of Boston’s caliber, $3,539. The runner-up, Edgewater displays an average rent of $3,227 and in Weehawken rent reaches $3,011.
Rents in Newark continue to be among the most affordable in the state due to an average of $1,203, while those in Elizabeth record a slight monthly boost of 1 percent and an average of $1,277.
The average rent in New Jersey cities is higher than the national average rent. The fastest growing rents in August were in East Brunswick, where rental apartment prices increased by 1.6 percent month over month, or $26. West Orange apartments saw the second highest monthly increase, jumping by 1.3 percent and making them $23 more expensive than last month. In Englewood, prices decreased by 1.2 percent ($28) compared to July.