According to apartment statistics from Yardi Matrix, the national average rent reached $1,468 in February, representing a 3.2 percent increase over the previous year. Rents in most locations in New Jersey increased in tandem with the national average rent.
In the state of New Jersey, Paterson has the fastest-growing rates, with rentals in that city increasing by 10.6 percent since February 2021. In contrast, rents in Harrison have dropped the most, by the most (-3.4 percent). Apartments in Camden experienced the second-highest annual increase, with prices rising 8.6 percent and becoming $81 more costly than they were at this time last year.
Overall, though, rents are increasing at a slower rate than they were at the same time last year, when they were increasing at a rate of 3.5 percent per year.
Other notable developments in New Jersey include the average rent in Jersey City reaching $2,986 in February, following a 2.3 percent increase from the previous year. Jersey City apartments are much more expensive than the national average of $1,468 per month, making it the fourth most expensive small city in the US to rent in.
Hoboken continues to be the most costly city for renters, with an average rent of $3,579 per month, while Lindenwold is the most cheap, with an average rent of $995 per month, according to the most recent data.
Newark, with an average rent of $1,218 per month, is the most affordable metropolitan city for renters in New Jersey, according to Rent.com. The annual growth rate in this area was consistent with the national average of 3.2 percent.