After being the single hottest rental market in the U.S. a year ago, North Jersey has slipped to 3rd (Central Jersey dropped out of the top 20).

According to Rent Café, the study reveals some reasons, including an increase in the number of newly developed apartments, representing 0.51% of rental units this year, up from 0.27% in 2023.

One of the crazy stats is that there are 9 renters for each apartment, and that’s down from last year when there were 12 renters fighting for each apartment. This reduction in potential tenants could be contributing to the increased vacancy duration, as the average vacant days for apartments climbed from 34 in 2023 to 38 in 2024.

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(Getty Stock)

However, the lease renewal rate saw a small increase, moving from 72.2% in 2023 to 73.1% in 2024, potentially limiting options for new tenants in the market.

As of early 2024, the median rent for all property types in New Jersey stands at $2,500 per month, marking a year-over-year increase of $150. This uptick is indicative of a broader trend in the Garden State, where rental prices have been steadily climbing, making it one of the most expensive markets in the nation.

The state’s rental inventory spans a wide range of options, from luxury apartments in waterfront developments to single-family homes in quieter neighborhoods. For instance, a luxury apartment in Newark may cost around $2,750 per month, with amenities like secure parking and a fitness center. Meanwhile, a more modest two-bedroom cottage with a backyard could be rented for $2,400 a month.

Supplanting North Jersey as the most competitive rental market is Miami-Dade, Florida; Milwaukee, Wisconsin, moves up to second.

LOOK: Cities with the most expensive homes in New Jersey

Stacker compiled a list of cities with the most expensive homes in New Jersey using data from Zillow.

Gallery Credit: Stacker

Wow! Aaron Rodgers new home in New Jersey: Inside and out

Here's a look at New York Jets Aaron Rodgers' new Montclair home with 8 bedrooms and 9 baths — and sweeping views of the rest of New Jersey and the Manhattan skyline.

Gallery Credit: New Jersey 101.5

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