176 Pet Friendly Apartments for rent in Jersey City, NJ
June 2020 Jersey City Rent Report
Welcome to the June 2020 Jersey City Rent Report. Jersey City rents declined over the past month. In this report, we'll evaluate trends in the Jersey City rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Jersey City Rent Report
Welcome to the June 2020 Jersey City Rent Report. Jersey City rents declined over the past month. In this report, we'll evaluate trends in the Jersey City rental market, including comparisons to cities throughout the metro, state, and nation.
Jersey City rents decline sharply over the past month
Jersey City rents have declined 1.0% over the past month, and have decreased slightly by 0.3% in comparison to the same time last year. Currently, median rents in Jersey City stand at $1,603 for a one-bedroom apartment and $1,910 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Jersey City's year-over-year rent growth lags the state average of 0.5%, as well as the national average of 0.8%.
Rents rising across the New York Metro
While rent prices have decreased in Jersey City over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 7 of the largest 10 cities in the New York metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- West New York has seen the fastest rent growth in the metro, with a year-over-year increase of 7.7%. The median two-bedroom there costs $1,593, while one-bedrooms go for $1,337.
- Over the past year, Bayonne has seen the biggest rent drop in the metro, with a decline of 6.8%. Median two-bedrooms there cost $1,443, while one-bedrooms go for $1,211.
- Elizabeth has the least expensive rents in the New York metro, with a two-bedroom median of $1,384; rents fell 1.7% over the past year but remained flat month-over-month.
- Hoboken has the most expensive rents of the largest cities in the New York metro, with a two-bedroom median of $2,722; rents fell 0.5% over the past month but rose 2.6% over the past year.
Many large cities nationwide show more affordable rents compared to Jersey City
As rents have fallen slightly in Jersey City, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Jersey City is less affordable for renters.
- Jersey City's median two-bedroom rent of $1,910 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 0.3% decline in Jersey City.
- While rents in Jersey City fell slightly over the past year, many cities nationwide saw increases, including Seattle (+1.2%), Chicago (+0.8%), and DC (+0.5%).
- Renters will generally find more expensive prices in Jersey City than most large cities. For example, Houston has a median 2BR rent of $1,030, where Jersey City is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.