Average Rent in New Jersey

Home  »  NJ

Current Versus Historical New Jersey Rents

New Jersey rentals average $2,050 for a studio rental to $5,500 for a 4-bedroom rental. The median price of all currently available listings is $3,000, or roughly $2 per square feet.
For the apartment units and housing in April 2024, median rents have been roughly unchanged over the last year. Studio rentals prices have increased by $1 (0.05%) year-over-year from $1,799 to $1,800. 1-bedroom rentals prices have increased by $67 (3.54%) year-over-year from $1,883 to $1,950. 2-bedroom rentals prices have decreased by $314 (-10.96%) year-over-year from $2,864 to $2,550. 3-bedroom rentals prices have increased by $367 (13.41%) year-over-year from $2,733 to $3,100. 4-bedroom rentals prices have increased by $1,050 (26.58%) year-over-year from $3,950 to $5,000. Note that this figure includes all active and rented listings throughout the month.
Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone down by 1.73% this month. 1-bedroom rents have gone up by 2.72% this month. 2-bedroom rents have gone down by 1.29% this month. 3-bedroom rents have gone up by 3.91% this month. 4-bedroom rents have gone up by 13.64% this month.
Beds
Price / Sqft
Apr 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $4.36 $1,800 $1,799 (0.05%) $1,725 (4.35%)
1 BR $3.04 $1,950 $1,883 (3.54%) $1,748 (11.53%)
2 BR $2.40 $2,550 $2,864 (-10.96%) $2,304 (10.69%)
3 BR $2.09 $3,100 $2,733 (13.41%) $2,300 (34.78%)
4+ BR $2.27 $5,000 $3,950 (26.58%) $3,471 (44.06%)

Historical Rents in New Jersey

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near New Jersey

There are a total of 48 cities nearby New Jersey. The average rent in New Jersey is currently $2,824 per month. A total of 28 cities nearby have an average rent lower than that. Our records show that Portsmouth, VA, with an average rent of $1,300, is the most affordable city nearby. In contrast, the most expensive city near New Jersey is Westhampton Beach, NY. Monthly rents here are on average $32,000 per month.

Let's compare New Jersey's rent against other top cities nearby by bedroom size. Typically, rent for studios in New Jersey is 33.23% more expensive than other cities nearby. One bedrooms are about 0.47% more affordable. Two bedrooms in New Jersey are about 3.85% more affordable. Finally, rent for three bedrooms are about 4.63% more expensive. Want more information? Check out the top 10 cities out of 48 total cities near New Jersey in the following chart.
City Studio 1 Bed 2 Bed All
Philadelphia, PA $1,365 $1,650 $1,846 $1,795
Atlantic City, NJ $1,700 $1,795 $1,725 $2,000
Ocean Grove, NJ $3,100 $1,825 $2,200 $3,050
Brigantine, NJ N/A $1,400 $2,300 $3,175
Bradley Beach, NJ N/A $2,400 $3,988 $4,000
Oakhurst, NJ N/A N/A $3,325 $4,975
Asbury Park, NJ $2,100 $2,350 $7,125 $5,000
Point Pleasant Beach, NJ N/A $1,550 $2,500 $6,000
Belmar, NJ N/A $2,350 $16,000 $6,125
Spring Lake, NJ N/A $13,050 $4,350 $10,000

Top Neighborhoods Near New Jersey

There are a total of 87 neighborhoods in or near New Jersey. Some of these neighborhoods include North Philadelphia East, North Philadelphia West, and Center City East. We've included the top 30 neighborhoods out of 87 total neighborhoods in or near New Jersey in the following chart.

The average rent for these 30 neighborhoods in or near New Jersey is currently around $3,200 per month. A total of 37 neighborhoods have a lower average rent. Interestingly, the neighborhoods' average rent is higher than New Jersey's average rent, which is only $3,000. Out of all the neighborhoods in or near New Jersey, Cobbs Creek has the most affordable average rent at $1,350 per month. Whereas, at $13,500 average rent per month, Lower Chelsea is the most expensive neighborhood in or near New Jersey. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
North Philadelphia East, Philadelphia, PA $1,295 $1,430 $1,640 $1,630
North Philadelphia West, Philadelphia, PA $1,225 $1,420 $1,625 $1,650
Center City East, Philadelphia, PA $1,425 $1,900 $2,735 $2,098
Logan Square, Philadelphia, PA $1,715 $2,400 $3,501 $2,535
Washington Heights, New York, NY $1,840 $2,500 $2,990 $3,115
Flatbush, New York, NY $2,714 $2,800 $3,150 $3,150
Bedford-Stuyvesant, New York, NY $2,400 $2,780 $2,950 $3,200
East Harlem, New York, NY $2,598 $3,000 $3,195 $3,395
Harlem, New York, NY $2,642 $2,998 $3,195 $3,500
Bushwick, New York, NY $2,768 $2,900 $3,495 $3,500
West Harlem, New York, NY $2,750 $3,000 $3,400 $3,713
Upper East Side, New York, NY $2,900 $3,700 $4,855 $3,960
Financial District, New York, NY $3,450 $4,398 $6,405 $4,242
Prospect Heights, New York, NY $3,529 $4,375 $6,110 $4,295
Murray Hill, New York, NY $3,540 $4,145 $6,400 $4,295
East Village, New York, NY $3,353 $3,595 $4,495 $4,495
Hell's Kitchen, New York, NY $3,500 $4,200 $5,871 $4,495
Midtown East, New York, NY $3,200 $4,295 $5,695 $4,500
Kips Bay, New York, NY $3,785 $3,931 $5,150 $4,540
Lower East Side, New York, NY $2,650 $3,595 $4,495 $4,600
Williamsburg, New York, NY $3,633 $4,200 $4,650 $4,650
Upper West Side, New York, NY $3,106 $4,213 $5,875 $4,675
Midtown, New York, NY $3,607 $4,350 $6,850 $4,700
Greenwich Village, New York, NY $4,250 $4,925 $6,000 $4,710
West Village, New York, NY $3,900 $4,595 $5,300 $4,800
Hudson Yards, New York, NY $3,500 $4,545 $6,950 $4,995
Chelsea, New York, NY $4,195 $5,200 $7,650 $5,070
NoMad, New York, NY $4,347 $5,545 $8,126 $5,789
Gramercy Park, New York, NY $3,815 $4,900 $5,304 $6,195
Tribeca, New York, NY $4,300 $6,000 $7,273 $6,728

Top Counties Near New Jersey

There are a total of 87 counties located by New Jersey. Some of these counties include Philadelphia, PA, Neptune, NJ, and Brigantine, NJ. The average rent for rentals in these counties is $3,175. That's roughly around $3 per sqft. A total of 23 counties have a lower average rent. The county that is the most affordable is Waterbury, CT. It's average rent per month is $1,525. Vice versa, with an average rent of $38,000, Southampton, NY is the most expensive county by New Jersey.

Typically, rent for studios in New Jersey is 17.07% more expensive than other counties nearby. In comparison, rent for one bedroom listings in New Jersey is 14.24% more affordable than other counties nearby. Finally, rent for two bedrooms in New Jersey is 14.62% more affordable than other counties nearby. We've listed the top 10 counties in the chart below.
County Studio 1 Bed 2 Bed All
Philadelphia, PA $1,365 $1,650 $1,846 $1,795
Neptune, NJ $3,100 $1,900 $2,500 $3,000
Brigantine, NJ N/A $1,400 $2,300 $3,175
Toms River, NJ N/A $1,775 $2,400 $3,600
Ocean, NJ N/A $4,500 $3,000 $3,900
Bradley Beach, NJ N/A $2,400 $3,988 $4,000
Asbury Park, NJ $2,100 $2,350 $7,125 $5,000
Point Pleasant Beach, NJ N/A $1,550 $2,500 $6,000
Belmar, NJ N/A $2,350 $16,000 $6,125
Spring Lake, NJ N/A $13,050 $4,350 $10,000

Top Zipcodes Near New Jersey

There are a total of 50 zipcodes in or near New Jersey. The average rent for all of these zipcodes is $4,275. A total of 11 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 19122, Philadelphia, PA at $1,700 per month. In comparison, the zipcode with the most expensive average rent of $18,000 per month is 08402, Margate City, NJ.

Studios in these zipcodes have an average rent of $3,029. That's at least $7 per sqft. Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near New Jersey is $3,998 per month. Or in other words, $6 per sqft. Meanwhile, two bedroom apartments will cost you an average of $4,848 per month. Which comes out to $6 per sqft. The following chart includes the top 10 zipcodes in New Jersey. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
10016, New York, NY $3,550 $4,100 $5,790 $4,446
10003, New York, NY $3,700 $4,900 $5,075 $5,305
10019, New York, NY $3,586 $4,200 $6,250 $4,595
10009, New York, NY $2,625 $3,595 $4,495 $4,495
10128, New York, NY $3,250 $3,700 $5,400 $3,900
10038, New York, NY $3,400 $4,425 $6,460 $4,325
10022, New York, NY $3,200 $4,325 $5,595 $4,395
10005, New York, NY $3,530 $4,334 $5,821 $4,200
10011, New York, NY $3,685 $5,500 $5,667 $4,750
10010, New York, NY $3,735 $3,995 $5,445 $5,000

Frequently Asked Questions - New Jersey Average Rents

What is the average rent price in New Jersey?
The average monthly rental price for New Jersey apartments for rent is approximately $3,000. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do New Jersey rent prices drop in winter?
Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in New Jersey.
How much is a studio apartment in New Jersey?
The average monthly rental price for studio apartments is $2,050 and an average price per square feet of $4.36. There are a total of 199 studio apartment listings currently available for rent in New Jersey.
How much is a one bedroom apartment in New Jersey?
The average monthly rental price for one bedroom apartments is $2,057 and an average price per square feet of $3.04. There are a total of 1,206 one bedroom apartment listings currently available for rent in New Jersey.
How much is a two bedroom apartment in New Jersey?
The average monthly rental price for two bedroom apartments is $2,600 and an average price per square feet of $2.40. There are a total of 2,364 two bedroom apartment listings currently available for rent in New Jersey.
How have rent prices in New Jersey changed this year?
Rent prices for rentals in New Jersey can fluctuate yearly. Specifically, studio rental prices have changed by 0.00%, one bedroom rental prices have changed by 0.04%, two bedroom rental prices have changed by -0.11%, and three bedroom rental prices have changed by 0.13% year-over-year.
What is a reasonable rent price in New Jersey?
A reasonable rent price in New Jersey is around $2,400/month. You can search for these reasonably priced rental listings on RentHop.
Fair Housing and Equal Opportunity
Fair Housing and Equal Opportunity
© 2009 - 2024 RentHop.com™
Quantcast