The U.S. average rent prices rose by 3% year-over-year, according to RENTCafe.com’s April Rent Report.
The April national average rent is $1,436/month, $42 more than last year. As for the average rent in New Jersey’s largest cities, it is generally higher than the national average.
Here are the most notable changes in New Jersey’s rental market:
· The fastest growing rents in April were in Trenton, where rental apartment prices increased by 5.3% over the year, although they have stagnated since the end of March.
· Hamilton apartments saw the second highest annual increase, jumping by 4.4%, making them $59 more expensive than in the same month last year.
· Of the large cities analyzed, Jersey City has the state’s most expensive apartments for renters, with an average rent of $2,922. Newark average rent clocked in at $1,170.
· Despite having the fastest growing rents in its state, Trenton was the most affordable large city in New Jersey in April, with an average of $1,122.
· At the other end of the spectrum, Union rents witnessed a 1% decrease since April last year, but they are holding strong as the second-most expensive large city in New Jersey ($1,795).
· Orange City witnessed a 6.6% year-over-year rent growth, showing the biggest jump of all the small cities in the state.
· Hoboken holds strong and is still the most expensive rental market in New Jersey, with an average of $3,472 and a 2.8% year-over-year increase.
You can check out our New Jersey April Rent Report with interactive visuals here: https://www.rentcafe.com/blog/
To compare it with other cities in the U.S., you can also have a look at our National April Rent Report.