RentCafe released our national mid-year rent report which shows that since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. In New Jersey, there has been a mid-year increase in average rent in almost all of the cities, the highest of which can be seen in Irvington, where average rent went up by 5.3% over the first half of the year.

Here are a few takeaways from the New Jersey June rent report:

• Rents in Newark clocked in at $1,201 in June, registering a $45 annual net increase. Trenton rents followed closely with a net increase of $38 and an average of $1,120.

• In the spectrum of large cities, the fastest-growing rents were registered in Camden where the average price increased by 5.1% over the year and 0.6% month-over-month. The slowest increase in rent was seen in Jersey City where rents went up by 1.5% and 0.3% over the month.

• Despite registering the slowest rising rents, Jersey City was the most expensive large city to rent in, with an average of $2,932. By contrast, Camden was the cheapest city to rent in ($961) although it recorded the highest annual increase in June.

• Smaller cities in New Jersey boast the highest rents. Hoboken continues to lead the rental market with an average rent of $3,506. The second-highest average rent in the state was registered in Edgewater where rents clocked in at $3,194 per month.

You can check out rents and changes that occurred in over 50 cities in New Jersey, by accessing this link: https://www.rentcafe.com/blog/rental-market/local-rent-reports/new-jersey-rent-report-june-2019/

To compare them with other cities in the U.S., you can also have a look at the National May Rent Report.