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:

  1. Demarest Borough (Bergen County): $3,501

  2. Shrewsbury Borough (Monmouth County): $3,403

  3. Short Hills (Essex County): $3,279

  4. Harrington Park (Bergen County): $3,188

  5. Liberty Corner (Somerset County): $3,075

  6. Oakhurst (Monmouth County): $3,068

  7. Packanack Lake (Passaic County): $3,059

  8. Finesville* (Warren County): $3,050

  9. Pompton Plains (Morris County): $2,987

  10. Tenafly Borough (Bergen County): $2,985

  11. Mountainside Borough (Union County): $2,926

  12. Franklin Lakes Borough (Bergen County): $2,866

  13. Troy Hills (Morris County): $2,820

  14. Cedar Knolls (Morris County): $2,790

  15. Ho-Ho-Kus Borough (Bergen County): $2,773

  16. Blackwells Mills (Somerset County): $2,697

  17. Cliffwood Beach (Monmouth County): $2,640

  18. Oceanport Borough (Monmouth County): $2,639

  19. Florham Park Borough (Morris County): $2,632

  20. 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.

Kevin Hill

Kevin Hill is a 20 year+ real estate professional with Keller Williams Valley Realty in Woodcliff Lake, NJ who escaped to sunny South Florida for 5 years but “Just when I thought I was out, they pulled me back in!” and moved back to the Garden State. If you have any questions or want to see a topic covered in my blog, contact me at Kevin@escapefromnewjersey.com or 201-214-1349.

https://www.escapefromnewjersey.com
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