RENTCafe just released October rent report, and the national average rent reached $1,476, meaning renters are paying 0.1% more compared to September.
In New Jersey cities, average rents are generally higher than the national average. The fastest-growing rents in October were in West Orange, where rental apartment prices increased by 2.8% month over month, or $50.
Here are the highlights for New Jersey:
The average rent in Jersey City seems to be stabilizing – the city witnessed a mere 1% annual increase, and since September, the average rent dropped $11. Renters in Jersey City are currently paying $2,934 for an apartment.
Hoboken ($3,528), Edgewater ($3,180) and Weehawken ($3,011) are still the 3 most expensive cities for renters and they are the only cities to boast average rents above $3,000.
West Orange and Irvington recorded the highest monthly increases of 2.8% and 2.2% respectively. Irvington also saw a whopping 18% annual growth, reaching an average rent of $1,102.
Over the month, Newark added $7 to the average rent, clocking in at $1,212.
You can read the New Jersey rent report here: https://www.rentcafe.com/blog/rental-market/local-rent-reports/New-Jersey-rent-report-october-2019/
To compare cities in NJ with others in the U.S. you can also go over our National October Rent Report.
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