According to our Year-End Rent Report, the national average rent hit $1,474 at the end of December, after an annual net addition of $43.
In New Jersey, almost every city we analyzed saw rents go up over the year, and a handful had rents jump more than 5%, with Irvington taking the lead.
Here are the most important changes in the State Garden’s rental market at the end of 2019:
- Irvington saw a whopping 20% rent increase over the year – the highest in the state. At the end of the year, apartments here reached an average rent of $1,134. At the other end of the spectrum, West New York rents dropped 4%, reaching $2,406.
- Not once dethroned in 2019, Hoboken closed the year with the highest rents in New Jersey – $3,515. It is followed from a distance by Edgewater, where the average rent clocked in at $3,173 in December.
- Over the year, the rent in Jersey City saw a mild increase (0.8%, or $22), hitting $2,930. Newark rents are among the more affordable in the state ($1,222), although they saw a 3.8% annual growth.
- The average rent in Paterson reached $1,259 after a 3% increase over the year, while Elizabeth apartments ended the year at the price of $1,295, jumping 5% compared to December 2018.
To view how rents evolved in your city, you can access the New Jersey Year-End Report here: https://www.rentcafe.com/blog/
You can also have a look at our National Year-End Report to see how rents grew nationwide, compared to your city: https://www.rentcafe.com/blog/