Rent up 50% in May for some parts of NJ
Many people in New Jersey and around the country have seen their rent go up over the last year. The average increase for rent around the state is at about 27%.
That number may not reflect what most renters in New Jersey have experienced in the last year and is artificially inflated mostly by one city ... Jersey City.
Rent in Chilltown, our second largest city, better known as Jersey City, has exploded for a number of reasons. The construction boom is one of them, and the rent in the newer construction units ain't cheap.
People who have fled Manhattan and other boroughs of NYC during the pandemic were looking to get out, but not too far away.
The cost of renting in Jersey City has increased 50% in the last year.
If you still want to be close to New York City for work or recreation, but don't want to be in the belly of the beast which is starting to look like the scary days of NYC in the 1970s and early '80s, Jersey City looks perfect.
A wide variety of restaurants and shops have opened up at a dizzying pace in the last six months. You still have easy access to "the city" on PATH and the tunnels.
Jersey City has attracted new residents young and older, but one thing that all have in common, they all have the means to do so.
The rent in New Jersey has gone up but stay chill cause it's mostly due to the really high prices in Chilltown.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Dennis Malloy only.
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