The average national rent reached $1,474 at the end of December, according to RentCafe’s Year-End Rent Report released Wednesday.
The increase comes on the heels of the slowest annual rise in the past 17 months, 3 percent. According to apartment rent data from Yardi Matrix, rental rates also displayed a slower yearly growth at the end of 2019 than in the previous year, when they went up by 3.2 percent. In net dollars, renters are now paying $43 more per month for an apartment than they did in December 2018.
By comparison, in the previous year, they saw a $45 rent hike compared to 2017.
The national average rent also saw two consecutive monthly dips, declining by a slight 0.1 percent in both November and December. Only 3 percent of cities saw apartment rents increase since November.
In New Jersey, almost every city analyzed saw rents go up over the year, and a handful had rents jump more than 5 percent.
Here are the most important changes in the Garden State’s rental market at the end of 2019.
Irvington saw a whopping 20 percent rent increase over the year – the highest in the state. At the end of the year, apartments here reached an average rent of $1,134. At the other end of the spectrum, West New York rents dropped 4 percent, reaching $2,406.
Not once dethroned in 2019, Hoboken closed the year with the highest rents in New Jersey – $3,515. It is followed from a distance by Edgewater, where the average rent clocked in at $3,173 in December.
Over the year, the rent in Jersey City saw a mild increase – 0.8 percent, or $22 –, hitting $2,930. Newark rents are among the more affordable in the state at an average $1,222, although they saw a 3.8 percent annual growth.
The average rent in Paterson reached $1,259 after a 3 percent increase over the year, while Elizabeth apartments ended the year at the price of $1,295, jumping 5 percent compared to December 2018.