Nationally, average rent prices reached $1,465 following a 3.2 percent annual increase, up 0.8 percent since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.
The New Jersey Mid-Year Rent Report – June 2019 from RentCafe found that in New Jersey, there has been a mid-year increase in average rent in almost all of cities, the highest of which can be seen in Irvington, where average rent went up by 5.3 percent over the first half of the year.
Rents in Newark clocked in at $1,201 in June, registering a $45 annual net increase. Trenton rents followed closely with a net increase of $38 and an average of $1,120.
In the spectrum of large cities, the fastest-growing rents were registered in Camden where the average price increased by 5.1 percent over the year and 0.6 percent month over month.
The slowest increase in rent was seen in Jersey City where rents went up by 1.5 percent and 0.3 percent over the month.
Despite registering the slowest rising rents, Jersey City was the most expensive large city to rent in, with an average of $2,932. By contrast, Camden was the cheapest city to rent in ($961), although it recorded the highest annual increase in June.
Smaller cities in New Jersey boast the highest rents. Hoboken continues to lead the rental market with an average rent of $3,506. The second-highest average rent in the state was registered in Edgewater where rents clocked in at $3,194 per month.