According to our monthly rent report, the national average rent hit $1,463 at the end of January, after an annual net addition of $43.

In New Jersey, almost every city we analyzed saw rents go up over the year, with Irvington taking the lead (up by $184).

Here are other highlights in New Jersey:

• The average rent in Jersey City reached $2,942 after a 1% year-over-year increase. Prices here remain high, as 71% of the households in the city are rentals and the demand is considerable.
• After a 3.5% annual jump in rent, Newark apartments currently go for $1,217. Newark holds the highest share of renter households in the state – 77%.
• Hoboken rents added $60 over the year, reaching an average of $3,529. The price remains the most expensive in the state, and it’s not likely to be surpassed any time soon.
• At the opposite end, Lindenwold is the least expensive city for renters, with an average of $988. It is the only city of those analyzed with an average rent under $1,000.

To view how rents evolved in your city, you can access the New Jersey January Rent Report here: https://www.rentcafe.com/blog/rental-market/local-rent-reports/new-jersey-rent-report-january-2020/

You can also have a look at our National Rent Report to see how rents grew nationwide, and what experts foresee for the apartment market in 2020: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/january-2020-national-rent-report/