Average Rent in Newark, NJ

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Current Versus Historical Newark, NJ Rents

Newark rentals average $2,250 for a studio rental to $2,800 for a 4-bedroom rental. The median price of all currently available listings is $2,300, or roughly $4 per square feet.
For the apartment units and housing in March 2024, median rents have risen substantially over the last year. Studio rentals prices have increased by $177 (9.71%) year-over-year from $1,823 to $2,000. 1-bedroom rentals prices have increased by $283 (20.73%) year-over-year from $1,367 to $1,650. 2-bedroom rentals prices have increased by $428 (25.56%) year-over-year from $1,673 to $2,100. 3-bedroom rentals prices have increased by $475 (24.69%) year-over-year from $1,925 to $2,400. 4-bedroom rentals prices have increased by $343 (14.12%) year-over-year from $2,432 to $2,775. 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 up by 0.84% this month. 1-bedroom rents have gone up by 4.87% this month. 2-bedroom rents have gone up by 5.88% this month. 3-bedroom rents have gone up by 2.13% this month. 4-bedroom rents have gone down by 0.60% this month.
Beds
Price / Sqft
Mar 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $4.17 $2,000 $1,823 (9.71%) $1,800 (11.11%)
1 BR N/A $1,650 $1,367 (20.73%) $1,249 (32.09%)
2 BR N/A $2,100 $1,673 (25.56%) $1,475 (42.37%)
3 BR N/A $2,400 $1,925 (24.69%) $1,710 (40.35%)
4+ BR N/A $2,775 $2,432 (14.12%) $1,950 (42.31%)

Historical Rents in Newark, NJ

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near Newark

There are a total of 11 cities nearby Newark. The average rent in Newark is currently $2,800 per month. Our records show that Hackensack, NJ, with an average rent of $2,305, is the most affordable city nearby. In contrast, the most expensive city near Newark, NJ is Edgewater, NJ. Monthly rents here are on average $3,850 per month.

Let's compare Newark, NJ's rent against other top cities nearby by bedroom size. Typically, rent for studios in Newark, NJ is 13.78% more expensive than other cities nearby. One bedrooms are about 26.22% more affordable. Two bedrooms in Newark, NJ are about 27.27% more affordable. Finally, rent for three bedrooms are about 36.00% more affordable. Want more information? Check out the top 10 cities out of 11 total cities near Newark, NJ in the following chart.
City Studio 1 Bed 2 Bed All
Hackensack, NJ $1,940 $2,000 $2,500 $2,305
Bayonne, NJ N/A $2,156 $2,354 $2,354
East Orange, NJ $1,985 $2,188 $2,625 $2,400
Elizabeth, NJ $2,350 $1,775 $2,250 $2,450
Union City, NJ N/A $2,000 $2,700 $2,800
West New York, NJ N/A $2,600 $2,900 $2,800
Jersey City, NJ $2,375 $2,900 $2,800 $2,875
Cliffside Park, NJ $1,525 $2,588 $3,225 $3,250
Hoboken, NJ $2,300 $3,186 $3,875 $3,400
Edgewater, NJ $2,100 $2,700 $3,850 $3,850

Top Neighborhoods Near Newark

There are a total of 31 neighborhoods in or near Newark. Some of these neighborhoods include Bay Ridge, The Heights, and Bowery. We've included the top 30 neighborhoods out of 31 total neighborhoods in or near Newark, NJ in the following chart.

The average rent for these 30 neighborhoods in or near Newark, NJ is currently around $4,495 per month. Meaning, only thirty neighborhoods have a higher average rent than $4,495. Interestingly, the neighborhoods' average rent is higher than Newark's average rent, which is only $2,300. Out of all the neighborhoods in or near Newark, Bay Ridge has the most affordable average rent at $2,775 per month. Whereas, at $7,622 average rent per month, SoHo is the most expensive neighborhood in or near Newark. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
Bay Ridge, New York, NY $3,125 $2,200 $2,850 $2,775
The Heights, Jersey City, NJ N/A $2,350 $2,800 $2,800
Bowery, New York, NY $2,600 $3,236 $3,575 $3,499
The Waterfront, Jersey City, NJ $2,946 $3,390 $4,571 $3,533
Clinton Hill, New York, NY $3,100 $3,300 $5,031 $3,590
Fort Greene, New York, NY $3,495 $4,125 $6,598 $3,840
Murray Hill, New York, NY $3,450 $3,845 $5,100 $3,975
Downtown Brooklyn, New York, NY $3,495 $4,131 $5,700 $4,134
Financial District, New York, NY $3,402 $4,368 $5,731 $4,200
Prospect Heights, New York, NY $3,388 $4,195 $5,954 $4,275
Hell's Kitchen, New York, NY $3,331 $3,999 $5,627 $4,354
Midtown East, New York, NY $3,275 $4,325 $5,850 $4,394
Kips Bay, New York, NY $3,683 $3,845 $4,995 $4,395
Lower East Side, New York, NY $3,695 $3,695 $4,495 $4,400
NoLita, New York, NY $3,495 $4,495 $4,995 $4,495
East Village, New York, NY $2,650 $3,595 $4,495 $4,495
Upper West Side, New York, NY $3,054 $4,300 $5,750 $4,570
Hudson Yards, New York, NY $3,521 $4,674 $6,530 $4,850
Midtown South, New York, NY $3,845 $4,995 $8,123 $4,995
Chelsea, New York, NY $3,500 $5,135 $7,760 $4,995
Greenwich Village, New York, NY $4,003 $5,300 $5,873 $5,075
West Village, New York, NY $3,600 $5,100 $6,823 $5,200
Battery Park City, New York, NY $3,499 $3,998 $7,249 $5,297
Stuyvesant Town - Peter Cooper Village, New York, NY N/A $5,016 $6,254 $5,379
Midtown, New York, NY $3,500 $4,338 $6,900 $5,385
NoMad, New York, NY $4,444 $5,490 $8,361 $5,598
Flatiron District, New York, NY $4,300 $5,800 $9,000 $5,800
Gramercy Park, New York, NY $3,760 $5,131 $5,855 $5,996
Tribeca, New York, NY $4,250 $5,695 $7,595 $7,073
SoHo, New York, NY $2,950 $3,950 $10,450 $7,622

Top Counties Near Newark

There are a total of 31 counties located by Newark, NJ. Some of these counties include Irvington, NJ, Newark, NJ, and Bayonne, NJ. The average rent for rentals in these counties is $2,838. That's roughly around $3 per sqft. A total of 2 counties have a lower average rent. The county that is the most affordable is Irvington, NJ. It's average rent per month is $2,000. Vice versa, with an average rent of $4,400, Manhattan, New York, NY is the most expensive county by Newark, NJ.

Typically, rent for studios in Newark, NJ is 12.78% more expensive than other counties nearby. In comparison, rent for one bedroom listings in Newark, NJ is 5.94% more affordable than other counties nearby. Finally, rent for two bedrooms in Newark, NJ is 25.00% more affordable than other counties nearby. We've listed the top 10 counties in the chart below.
County Studio 1 Bed 2 Bed All
Irvington, NJ $1,800 $1,663 $2,000 $2,000
Newark, NJ $2,250 $2,050 $2,200 $2,300
Bayonne, NJ N/A $2,156 $2,354 $2,354
East Orange, NJ $1,985 $2,188 $2,625 $2,400
Elizabeth, NJ $2,350 $1,775 $2,250 $2,450
Union City, NJ N/A $2,000 $2,700 $2,800
Jersey City, NJ $2,375 $2,900 $2,800 $2,875
North Bergen, NJ $2,900 $1,950 $2,900 $2,950
Montclair, NJ $1,800 $1,975 $2,700 $3,150
Hoboken, NJ $2,300 $3,186 $3,875 $3,400

Top Zipcodes Near Newark

There are a total of 42 zipcodes in or near Newark, NJ. The average rent for all of these zipcodes is $4,270.

The following chart includes the top 10 zipcodes in Newark, NJ. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
10016, New York, NY $3,450 $4,055 $5,095 $4,295
10003, New York, NY $3,350 $4,775 $5,110 $5,000
10019, New York, NY $3,481 $4,098 $6,150 $4,514
10009, New York, NY $2,608 $3,595 $4,495 $4,495
10038, New York, NY $3,395 $4,375 $5,718 $4,300
10022, New York, NY $3,275 $4,300 $5,650 $4,300
10005, New York, NY $3,494 $4,334 $5,450 $4,175
10011, New York, NY $3,300 $5,300 $6,895 $4,650
10010, New York, NY $3,750 $3,795 $5,588 $4,995
10017, New York, NY $3,200 $4,430 $6,650 $4,525

Frequently Asked Questions - Newark Average Rents

What is the average rent price in Newark, NJ?
The average monthly rental price for Newark, NJ apartments for rent is approximately $2,300. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do Newark, NJ 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 Newark, NJ.
How much is a studio apartment in Newark, NJ?
The average monthly rental price for studio apartments is $2,250 and an average price per square feet of $4.17. There are a total of 29 studio apartment listings currently available for rent in Newark.
How much is a one bedroom apartment in Newark, NJ?
The average monthly rental price for one bedroom apartments is $2,050 and an average price per square feet of $0. There are a total of 27 one bedroom apartment listings currently available for rent in Newark.
How much is a two bedroom apartment in Newark, NJ?
The average monthly rental price for two bedroom apartments is $2,200 and an average price per square feet of $0. There are a total of 63 two bedroom apartment listings currently available for rent in Newark.
How have rent prices in Newark, NJ changed this year?
Rent prices for rentals in Newark, NJ can fluctuate yearly. Specifically, studio rental prices have changed by 0.10%, one bedroom rental prices have changed by 0.21%, two bedroom rental prices have changed by 0.26%, and three bedroom rental prices have changed by 0.25% year-over-year.
What is a reasonable rent price in Newark, NJ?
A reasonable rent price in Newark, NJ is around $1,840/month. You can search for these reasonably priced rental listings on RentHop.
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