Rents have skyrocketed in New Jersey
We’ve heard a lot about the sizzling hot real estate market in New Jersey over the past couple of years as demand for houses was so strong that many were selling above asking price, in some cases by a lot.
According to a new report from Rent.com, home buying isn’t the only market that’s been overheated, the rental market in New Jersey is, too.
The report says that Jersey City saw its average monthly rent for a one-bedroom apartment almost double over the past year; the average went up $1,533 a month to $3,943. That’s the second-highest jump in the country, behind only New York City. Two-bedroom apartments went up by around 40%.
The rest of the state isn’t that much better, either. News 12 New Jersey quotes the study as saying that overall rents in New Jersey are up 35%, and that’s 10% over the national average. So, no matter where you rent in New Jersey, brace yourself for what might happen when your lease is up.
Why is Jersey City so expensive? Rent.com says that:
One of the major benefits of living in Jersey City is its proximity to The Big Apple. You can commute into the city each day for work, but avoid its high cost of living and crowded spaces. Neighborhoods throughout Jersey City cater to young families, children and pets. It's also a trendy spot, close to the style and influences of New York City. There's no shortage of shops, bars and restaurants, either.
My son got a one-bedroom apartment in Jersey City this year and he didn’t pay nearly what the average is. I guess there are benefits to not having the commanding view of New York (he lives on the west side). I’m going to tell him to extend his lease just as soon as he can.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
You can now listen to Deminski & Doyle — On Demand! Hear New Jersey’s favorite afternoon radio show any day of the week. Download the Deminski & Doyle show wherever you get podcasts, on our free app, or listen right now.
New Jersey's smallest towns by population