New Jersey's Most Expensive Places to Rent
Born to run out of the state
New Jersey's housing market remains a topic of concern, with renters facing top dollar costs in North Jersey and the northern Shore areas, according to recent data from the U.S. Census.
On average, the median gross rent in New Jersey stands at $1,555, which surpasses the national average of $1,300. However, rents vary widely across the state, with some towns witnessing renters shelling out over $3,000 a month for housing.
The following is a list of the top 20 most expensive places to rent in New Jersey, based on data from the 2022 American Community Survey:
Demarest Borough (Bergen County): $3,501
Shrewsbury Borough (Monmouth County): $3,403
Short Hills (Essex County): $3,279
Harrington Park (Bergen County): $3,188
Liberty Corner (Somerset County): $3,075
Oakhurst (Monmouth County): $3,068
Packanack Lake (Passaic County): $3,059
Finesville* (Warren County): $3,050
Pompton Plains (Morris County): $2,987
Tenafly Borough (Bergen County): $2,985
Mountainside Borough (Union County): $2,926
Franklin Lakes Borough (Bergen County): $2,866
Troy Hills (Morris County): $2,820
Cedar Knolls (Morris County): $2,790
Ho-Ho-Kus Borough (Bergen County): $2,773
Blackwells Mills (Somerset County): $2,697
Cliffwood Beach (Monmouth County): $2,640
Oceanport Borough (Monmouth County): $2,639
Florham Park Borough (Morris County): $2,632
Ten Mile Run (Somerset County): $2,605
*Please note that Finesville's data has a large margin of error.
As you can see, the majority of the towns on this list are located in North Jersey and the northern Shore areas. These are also some of the most affluent counties in the state, with a high cost of living.
If you're considering renting in New Jersey, it's important to do your research and factor in the cost of living when making your decision. You may also want to consider renting in a less expensive part of the state, such as South Jersey or Central Jersey (or escape!)
Additional Recent Rental Data for New Jersey
According to a recent report by Rent.com, the average rent for a one-bedroom apartment in New Jersey is $1,800, while the average rent for a two-bedroom apartment is $2,100. These figures represent a year-over-year increase of 15% and 16%, respectively.
The report also found that the most expensive city in New Jersey to rent in is Hoboken, where the average rent for a one-bedroom apartment is $2,500 and the average rent for a two-bedroom apartment is $3,000. Other expensive cities to rent in include Newark, Jersey City, and Paterson.
The least expensive city in New Jersey to rent in is Camden, where the average rent for a one-bedroom apartment is $1,100 and the average rent for a two-bedroom apartment is $1,300. Other inexpensive cities to rent in include Atlantic City, Trenton, and Elizabeth.
If you're looking for a more affordable place to rent in New Jersey, you may want to consider renting in a smaller town or suburb. You may also want to consider renting from a private landlord instead of from a large management company.
