Hoboken, Jersey City Rents Are Among Highest In NJ, Report Says

HOBOKEN, NJ — People who rent homes in Hoboken and Jersey City are paying some of the highest prices in New Jersey, according to a recently released study from RentCafe.

Nationwide, as of March, the national average rent was $1,430 per month, a $44 increase compared to 2018. But while the average rent in New Jersey’s largest cities was “generally lower” than that figure, Hoboken and Jersey City bucked the trend big time, RentCafe reported.

“Of the large cities analyzed, Jersey City apartments are the state’s most expensive for renters, with an average [monthly] rent of $2,909,” researchers said.

The average rent payment in Jersey City rose 2.4% from 2018, and increased 10.9% over the past five years, RentCafe reported.

But by far, the most expensive apartments in the state are in Hoboken, where the average rent costs $3,463 per month, RentCafe stated.

In Hoboken, the March 2019 average rent was up 3.2% from last year and 9.7% over the past five years, researchers said.

Other New Jersey municipalities with expensive living as of March 2019 include:

• Edgewater - $3,160 per month
• West New York - $2,527
• Fort Lee - $2,521
• Morristown - $2,202

On the other hand, the cheapest large city to rent an apartment is Trenton, where the average apartment costs $1,118 per month. And Edison saw the fastest year-over-year decrease in rent at 1.1%, researchers said.

The study based its conclusions on data from Yardi Matrix. Researchers analyzed cities with a rental stock of at least 2,000 apartments in 50+ unit buildings. See the full list and methodology here.

• See related article: Hoboken Home Renters Gain Extra Protection From 'Tax Surcharges'
• See related article: Hudson County's 'Most, Least Expensive' Zip Codes For Homes

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