Our August national and local rent reports are out and they’re announcing the end of peak rental season. The end of summer marked a month-over-month slowdown, as the national average rent reached $1472, after a mere 0.2% increase since July. Monthly increases were small in New Jersey as well, however, over the year most of the cities here saw some increase.

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

Rents in Jersey City increased by $58 over the year, clocking in at an average of $2,956. This makes Jersey City the 5th most expensive small city for renters nationwide, right after Santa Clara, CA.

Small cities North of Jersey City register the most expensive rents in the state. Hoboken continues to reign the NJ market with an average rent of Boston’s caliber — $3,539. The runner-up, Edgewater displays an average rent of $3,227 and in Weehawken rent reaches $3,011.

Luckily, the aforementioned expensive rental markets are seriously hitting the breaks on yearly rent growth. Edgewater average rent has even taken $70 off, while Jersey City, Hoboken or Fort Lee are showing modest annual increases of 2%. At the other end of the spectrum, however, Weehawken average rent recorded an annual addition of $175.   

Rents in Newark continue to be among the most affordable in the state due to an average of $1,203, while those in Elizabeth record a slight monthly boost of 1% and an average of $1,277.

You can check out rents and the 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-august-2019/

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