Jersey City Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Jersey City, NJ. Currently, the overall median rent in the city stands at $2,261, after rising 1.5% last month. Prices remain down 2.6% year-over-year. Read on to learn more about what’s been happening in the Jersey City rental market and how it compares to trends throughout the broader New York metro area and the nation as a whole.

Jersey City rents are up 1.5% month-over-month and down 2.6% year-over-year

The median rent in Jersey City rose by 1.5% over the course of March, and has now decreased by a total of 2.6% over the past 12 months. Jersey City’s rent growth over the past year has has fallen behind both the state (1.2%) and national averages (-0.8%).

Jersey City rent growth in 2024 pacing below last year

Three months into the year, rents in Jersey City have risen 1.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 2.7%.

March rent growth in Jersey City ranked #4 among large U.S. cities

Jersey City rents went up 1.5% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #4. Similar monthly rent growth took place in North Las Vegas, NV (1.6%) and El Paso, TX (1.5%).

Jersey City is the #11 most expensive large city in the U.S., with a median rent of $2,261

Citywide, the median rent currently stands at $2,212 for a 1-bedroom apartment and $2,250 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,261. That ranks #11 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Jersey City is 62.9% higher than the national, and is similar to the prices you would find in New York City, NY ($2,268) and Anaheim, CA ($2,233).

Jersey City rents are 4.2% higher than the metro-wide median

If we expand our view to the wider New York metro area, the median rent is $2,169 meaning that the median price in Jersey City ($2,261) is 4.2% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.3%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 11 cities in the New York metro area that are included in our database. Among them, Hoboken is currently the most expensive, with a median rent of $3,388. West New York is the metro’s most affordable city, with a median rent of $1,843. The metro's fastest annual rent growth is occurring in Fort Lee (8.4%) while the slowest is in Jersey City (-2.6%).

You can also use the map below to explore the latest rent trends in the New York metropolitan area.