Rent report: Most cities increase in February; Paterson leads the pack in NJ

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As the national average rent hit $1,468 in February, after a 3.2 percent annual growth, according to apartment data from Yardi Matrix, most cities in New Jersey also saw rents go up.

Paterson lead the pack with rents in that city increasing the fastest in the state, shooting up by 10.6 percent since February 2019, while those in Harrison dipped the most (-3.4 percent). Camden apartments saw the second-highest yearly increase, jumping 8.6 percent and making them $81 more expensive than this time last year.

Overall, however, rents are growing a bit slower than the same time last year, when they were rising at a 3.5 percent yearly rate.

Other highlights around New Jersey include Jersey City’s average rent reaching $2,986 in February, after a 2.3 percent increase since last year. Jersey City apartments cost well above the national average of $1,468, and it is is the nation’s fourth most expensive small city for renters.

Hoboken remains the most expensive city for renters with an average rent of $3,579, while at the opposite end, Lindenwold registered the most affordable rental rates, averaging $995 per month.

Newark is the most affordable large city for renters in New Jersey, with an average rent of $1,218. The yearly growth here was in line with the national 3.2 percent.