The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to Yardi Matrix data. Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290 per month. Among the state’s largest cities, Jersey City apartments are the most expensive, […]
- The national average rent reached $1,442 in May 2019, up by 2.5% ($35) year over year, and by 0.3% ($6) month over month, according to Yardi Matrix data.
- Orange, NJ renters saw the highest annual rent increase in their state in May, reaching $1,290 per month.
- Among the state’s largest cities, Jersey City apartments are the most expensive, while apartments in Trenton have the cheapest rents.
Apartment rents increase by 2.5% as the prime rental season kicks off
Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months. Residential rents are rising steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends.
Renting in New Jersey’s large cities in May 2019
The average rent in New Jersey’s largest cities is generally higher than the national average rent. The fastest growing rents in May were in East Orange where rental apartment prices increased by 4.5% over the year and 0.5% month-over-month. Trenton apartments saw the second highest annual increase, jumping by 4.1%, $44 more expensive than the same month last year. At the other end of the spectrum, rents in Union have decreased by 1.5% year-over-year.
Of the large cities analyzed, Jersey City apartments are the state’s most expensive for renters, with an average rent of $2,920, followed by apartments in Union, where the average monthly rent is $1,810. On the other hand, the cheapest large city to rent an apartment in, of the cities analyzed is Trenton, with an average apartment rent of $1,124.
Renting in New Jersey’s small cities in May 2019
Small and mid-size cities in New Jersey display a faster rent increase, with Orange City leading the way. Orange witnessed a 7.4% year-over-year rent growth, followed by Irvington, where apartments are 5.7% more expensive to rent than a year ago.
Hoboken is still the most expensive city to rent in, leading the rental market in the state with an average rent of $3,471. The runner up is Edgewater ($3,165), followed by Jersey City, with a $2,920 average per month.
To compare the rental market in New Jersey with other cities in the U.S., you can also check our national rent report.
Methodology
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
Source: RENTCafé