RENTCafe’s Monthly Rent Report for January is out, and it will probably come as no surprise to those of you who live in Hoboken, that the Mile Square City had the highest rental rates in the Garden State for January, 2020. People renting apartments in Hoboken are paying, on average, more than $3,500 per month. Jersey City is also at the high end in Hudson County.
Here are a few findings:
- The average rent in Jersey City reached $2,942 after a 1.1% year-over-year increase. Prices here remain high, as 71% of the households in the city are rentals and the demand is considerable.
- The national average rent in January 2020 was $1,463, up 3% compared to the same time last year.
You can access the New Jersey report here: https://www.rentcafe.com/blog/rental-market/local-rent-reports/new-jersey-rent-report-january-2020/
Rentals in Hoboken rose $60 over the course of 2019.
RENTCafe is a part of Yardi.