New Jersey rent prices increasing. What's the average rental cost in your town?

Juan Carlos Castillo, Asbury Park Press
·3 min read
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Rent prices continue to climb nationwide, including in New Jersey. But for the first time since the pandemic, they are rising at a slower pace.

In New Jersey, from August 2022 through August 2023, prices for rental units went up 2.31%, according to market studies by rent.com.

“It's a bit of a mixed bag. Prices are rising, but they are rising at a slower rate than we would normally expect,” said Jon Leckie, a rent.com specialist.

Since February, the monthly year-to-year increase has been below a 1% increase overall, Leckie said. Before the pandemic, that number would typically stand between 2% and 4%, he added.

Still, renting in the Garden State is expensive. Currently, the state's median rent price is $2,890 a month, $838 more than the national median and $381 more than the median rent in the Northeast.

MORE: Mortgage rates double. Here is why that hasn't killed Jersey Shore home bidding wars

New Jersey is unique because it doesn't have a metro of its own. It is rather a big, dense suburb tucked in between New York City and Philadelphia.
New Jersey is unique because it doesn't have a metro of its own. It is rather a big, dense suburb tucked in between New York City and Philadelphia.

Why is rent so expensive in NJ?

Higher demand results in higher prices, and New Jersey has been dealing with a lot of demand. Since 2021, New Jersey has been one of the top 10 destinations for domestic migration. At the beginning of this year, New Jersey ranked No. 1.

The main drive for that influx has been the work-from-home phenomena, according to Leckie.

New Jersey is unique because it doesn't have a metro of its own, Leckie said. Instead, it is a big, dense suburb tucked between New York City and Philadelphia that “has really become a magnet for people from those metros.”

“So if you work in Manhattan, you don’t necessarily need to commute to Manhattan anymore,” Leckie said.

Surveys conducted by rent.com show that renters with remote jobs are moving to New Jersey in search of better prices. They aren't trying to move across the country.

“They are trying to stay within their metros, but sort of away from the city centers. So that’s created a lot of inbound migration into New Jersey," Leckie said.

Overall, suburbs are getting more expensive nationwide. In fact, they are getting more expensive at a faster rate than big city centers.

Now the question is: If suburbs are becoming pricier faster than cities, will New Jersey become as expensive as the main city centers around it? Well, some NJ suburban towns around Philadelphia are already more expensive than Philly.

Expensive: Do you live in one of New Jersey's wealthiest towns? Here are the top 50.

Average rent prices in some Jersey Shore townships

According to Zillow, here are some local median rent prices:

  • Manalapan: $2,100

  • Marlboro: $3,650

  • Freehold: $2,844

  • Wall: $3,257

  • Howell: $2,776

  • Colts Neck: $5,563

  • Long Branch: $3,300

  • Asbury Park: $2,750

  • Belmar: $2,950

  • Red Bank: $2,983

  • Holmdel: $3,400

  • Eatontown: $2,800

  • Rumson: $5,000

  • Lakewood: $2,050

  • Point Pleasant: $3,500

  • Brick: $2,500

  • Toms River: $2,950

  • Little Egg Harbor: $2,300

  • Jackson: $3,420

Source: Zillow Rental Manager

This article originally appeared on Asbury Park Press: Average rent in NJ: Cost increasing, above national average