According to a recently published report, the city of Hoboken had the highest apartment rents in the state of New Jersey during 2019. That not so surprising revelation comes from RENTCafe’s Year End Report.
The nationwide apartment search website, a part of Yardi, found that the average, national rent last year stood at $1,474 at the end of December. That represented an annual net increase of $43. Hoboken’s number is much, much higher. I’ll get to that in a bit.
In an email sent to Hudson TV, the report says nearly every municipality which was analyzed saw rents increase over the course of the year. Some of those rents jumped by more than 5 percent, with Irvington taking the biggest jump.
Here are the most important changes in the Garden State’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/rental-market/local-rent-reports/new-jersey-rent-report-year-end-2019/
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/rental-market/apartment-rent-report/year-end-rent-report-2019/.
RENTCafe is based in Santa Barbara, California.