574 Studio Apartments for rent in Newark, NJ
June 2020 Newark Rent Report
Welcome to the June 2020 Newark Rent Report. Newark rents increased over the past month. In this report, we'll evaluate trends in the Newark rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Newark Rent Report
Welcome to the June 2020 Newark Rent Report. Newark rents increased over the past month. In this report, we'll evaluate trends in the Newark rental market, including comparisons to cities throughout the metro, state, and nation.
Newark rents held steady over the past month
Newark rents have increased 0.1% over the past month, and are up marginally by 0.9% in comparison to the same time last year. Currently, median rents in Newark stand at $1,205 for a one-bedroom apartment and $1,435 for a two-bedroom. Newark's year-over-year rent growth leads the state average of 0.5%, as well as the national average of 0.8%.
Rents rising across the New York Metro
Throughout the past year, rent increases have been occurring not just in the city of Newark, but across the entire metro. Of the largest 10 cities that we have data for in the New York metro, 7 of them have seen prices rise. 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 were down 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 decreased 0.5% over the past month but were up 2.6% over the past year.
Many large cities nationwide show more affordable rents compared to Newark
As rents have increased marginally in Newark, other large cities nationwide have seen rents grow more quickly. Compared to most large cities across the country, Newark is less affordable for renters.
- Newark's median two-bedroom rent of $1,435 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 0.9% rise in Newark.
- While Newark's rents rose marginally over the past year, many cities nationwide saw decreases, including San Francisco (-1.0%), Atlanta (-0.8%), and Boston (-0.4%).
- Renters will generally find more expensive prices in Newark than most large cities. For example, Houston has a median 2BR rent of $1,030.
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.