653 Studio Apartments for rent in West New York, NJ
September 2019 West New York Rent Report
Welcome to the September 2019 West New York Rent Report. West New York rents declined over the past month. In this report, we'll evaluate trends in the West New York rental market, including comparisons to cities throughout the metro, state, and nation.
September 2019 West New York Rent Report
Welcome to the September 2019 West New York Rent Report. West New York rents declined over the past month. In this report, we'll evaluate trends in the West New York rental market, including comparisons to cities throughout the metro, state, and nation.
West New York rents declined significantly over the past month
West New York rents have declined 0.4% over the past month, but have increased slightly by 1.7% in comparison to the same time last year. Currently, median rents in West New York stand at $1,244 for a one-bedroom apartment and $1,482 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in June. West New York's year-over-year rent growth leads the state average of 1.0%, as well as the national average of 1.5%.
Rents rising across the New York Metro
Throughout the past year, rent increases have been occurring not just in the city of West New York, but across the entire metro. Of the largest 10 cities that we have data for in the New York metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Newark has seen rents fall by 1.4% over the past month, the biggest drop in the metro. It also has the least expensive rents in the New York metro, with a two-bedroom median of $1,405.
- Union City has seen the fastest rent growth in the metro, with a year-over-year increase of 9.2%. The median two-bedroom there costs $1,805, while one-bedrooms go for $1,515.
- Hoboken has the most expensive rents of the largest cities in the New York metro, with a two-bedroom median of $2,677; rents increased 0.2% over the past month and 2.0% over the past year.
Many large cities nationwide show more affordable rents compared to West New York
As rents have increased slightly in West New York, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, West New York is less affordable for renters.
- West New York's median two-bedroom rent of $1,482 is above the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 1.7% increase in West New York.
- While West New York's rents rose slightly over the past year, many cities nationwide also saw increases, including Boston (+2.2%), Atlanta (+1.6%), and DC (+1.5%).
- Renters will generally find more expensive prices in West New York than most large cities. For example, Houston has a median 2BR rent of $1,032, where West New York is nearly 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.