517 Studio Apartments for rent in Newark, NJ
August 2019 Newark Rent Report
Welcome to the August 2019 Newark Rent Report. Newark rents declined 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.
August 2019 Newark Rent Report
Welcome to the August 2019 Newark Rent Report. Newark rents declined 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 decline sharply over the past month
Newark rents have declined 1.1% over the past month, but have remained steady at 0.2% in comparison to the same time last year. Currently, median rents in Newark stand at $1,196 for a one-bedroom apartment and $1,424 for a two-bedroom. Newark's year-over-year rent growth lags the state average of 1.1%, as well as the national average of 1.6%.
Rents rising across the New York Metro
While rents have remained steady in the city of Newark throughout the past year, cities across the metro have seen a different trend. Rents have risen in 9 of 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.
- Union City has seen the fastest rent growth in the metro, with a year-over-year increase of 6.6%. The median two-bedroom there costs $1,764, while one-bedrooms go for $1,481.
- Over the past month, East Orange has seen the biggest rent drop in the metro, with a decline of 1.5%. Median two-bedrooms there cost $1,562, while one-bedrooms go for $1,311.
- Elizabeth has the least expensive rents in the New York metro, with a two-bedroom median of $1,411; rents grew 0.2% over the past month and 0.7% over the past year.
- Hoboken has the most expensive rents of the largest cities in the New York metro, with a two-bedroom median of $2,672; rents were up 0.1% over the past month and 1.9% over the past year.
Many large cities nationwide show more affordable rents compared to Newark
Rent growth in Newark has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Newark is less affordable for renters.
- Newark's median two-bedroom rent of $1,424 is above the national average of $1,191. Nationwide, rents have grown by 1.6% over the past year compared to the stagnant growth in Newark.
- While rents in Newark remained moderately stable this year, similar cities saw increases, including Boston (+2.4%), DC (+1.7%), and Atlanta (+1.6%); note that median 2BR rents in these cities go for $2,151, $1,578, and $1,203 respectively.
- Renters will generally find more expensive prices in Newark than most large cities. For example, Houston has a median 2BR rent of $1,034.
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.