Rent Prices Jumped More Than $1.5K In This NJ City: Report

JERSEY CITY, NJ - It’s no secret that New Jerseyans are already feeling pain at the pump and at the grocery store, but some city dwellers in the Garden State are seeing other bills rapidly hike up: rent.

And although cities like Boston, Miami and Los Angeles have seen massive average rent increases between 2021 and 2022, Jersey City has seen the second-highest average rent increase in the nation, just behind its neighbor New York City.

According to new figures from Rent.com, Jersey City renters report an average increase of $1,533, with a current average of $3,943 per month for a one-bedroom apartment (around a 50 percent increase from last year) and $5,371 for a two-bedroom apartment (about a 50 percent increase).

That’s compared to an average one-bedroom apartment price of $5,119 in New York City, $3,250 in Miami and $2,918 in Austin.

In fact, per a News12 report, the price of rent in New Jersey as a whole is up 35 percent in the last year, 10 percent higher than the national average.

Related: As Rents Rise, Housing Group Fights Ordinance To End Hoboken Freeze

But what’s causing this rapid increase in rent prices? In short, it’s due to demand, Rent.com says. With renters returning to cities after the pandemic and landlords attempting to catch up to the pre-pandemic real estate market, new luxury construction is ramping up in cities like New York and Jersey City. Current renters are also staying put in hopes of keeping a good pandemic deal, therefore decreasing the amount of available housing for new renters.

“These factors set the rental market up as a landlord's market,” Rent.com says. “They have the power to set prices higher than you might expect and make it harder for you, as a renter, to negotiate.”

You can read the full Rent.com report here.