The 2 cheapest (and 2 priciest) rental towns in North Jersey
If you’re looking to rent and more people than ever are renting in New Jersey, you’re probably wondering what the trends are, where you can move, that may be affordable, and if there are changes in the rental marketplace.
A new report from Zumper looked at rent prices in 15 cities in the NYC metro area from September.
Whether you like it or not, we are considered part of the New York City metro.
People in South Jersey are part of another metro that is not included in this study.
The study reports the average prices of one-bedroom apartments and the most and least expensive prices in the area.
They also looked at where rent is increasing and decreasing in the same metro.
No one will be surprised to hear that Hoboken and Jersey City are the places in New Jersey where it’s most expensive to rent a one-bedroom apartment.
Hoboken apartments average $2,830, while those in Jersey City average $2,650.
That’s a lot of money for a one-bedroom apartment.
But this should not be a surprise to anyone, as the closer you get to New York City, the more expensive rents are.
The two most affordable cities in New Jersey, on the other hand, are Newark and East Orange with average rent prices last month being $1,350 and $1,500, respectively.
And in terms of rental price fluctuations, there’s good news. But also, bad news.
Jersey City had the fastest-growing rent cost with rents up 49.7% from this time last year.
West New York, New Jersey, had the second highest percentage increase in rent at 47.3% according to the study.
The one bit of good news is that Long Branch, which can tend to be pricey in the exclusive areas had rents decrease about 10% since this time last year.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.
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