New Jersey Market Rental Trends Report
Relocity's rental trends report shows you how the nation’s major rental markets stack up and reveals 2024 pricing trends.
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Relocity's rental trends report shows you how the nation’s major rental markets stack up and reveals 2024 pricing trends.
Morristown
In recent months, inventory has increased in Morristown, particularly in luxury buildings with top-of-the-line amenities. Prices for 1- and 2-bedroom apartments have remained relatively stable over the last 3-6-months. There's been a slight decrease in studio pricing, while 3-bedroom apartments have dropped more noticeably, likely due to increased supply and slower demand over the summer. The median rent in Morristown, NJ is $3,200, 53% higher than the national median.
Princeton
Prices have generally remained stable over the last 3-6-months for 1-bed and 2-bed apartments, with a decrease in studio pricing and a slight decrease in pricing for 3-bedrooms. The modest price adjustments, especially for more affordable units, is likely due to a steady rental inventory and ongoing demand. The median rent in Princeton, NJ is $3,525, 68% higher than the national median.
Jersey City
Rental prices for studio and 1-bedroom apartments in Jersey City have stayed relatively consistent, while the cost of 2- and 3-bedroom units has increased a bit over the last 3-6 months. Even as new inventory is added in up-and-coming neighborhoods, Jersey City continues to be a desirable and competitive place to live. The median rent for property in Jersey City, NJ is $2,500, 19% higher than the national median. The cost of rent varies depending on several factors, including location, size, and quality.
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