Rents continue to climb in the Garden State
It’s hardly a surprise.
A new report finds rents in most Jersey cities are increasing.
“Looking at New Jersey, we noticed that northern cities, in particular those closest to Manhattan, tended to have a higher increase in rent,” Sanziana Bona, a RENTCafe research analyst, said.
She said among the cities the group analyzed, Hoboken had the higest rent in June, with a monthly rent of $3,506, followed by Edgewater at $3,194.”
Bona said the city with the lowest average rent is Camden, at $961 a month.
The analysis, done by RENTCafé, a nationwide apartment search website, finds the highest annual rent increase was in Irvington, where the average monthly rent up went up by 5.3% to $991.
Bona said while Camden rents are very low, the average rental price increased by 5.1% over the past year. The slowest increase in rent was seen in Jersey City, where rents went up by 1.5% .
“Jersey City, as of right now, has a (average) rent of $2,932," she said.
New Jersey’s largest city, Newark, has an average rent of $1,201, according to the analysis.
Bona said rents in Newark have increased on average by $45 over the past year.
While most New Jersey cities saw rents rise slightly in June, some towns actually had small rent decreases.
Across the U.S., rents have increased an average of 3.2%, or about $45 over the past year, to an average of $1,465.
You can contact reporter David Matthau at David.Matthau@townsquaremedia.com
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