3 New Jersey Cities Make This List for Worst Places in the Entire U.S. For Renters
Newark, NJ doesn’t look so bad in this photo!
It’s not only New Jersey homeowners who want to flee the state because of high property taxes, terrible commutes, and the high costing of living here in Jersey, according to a recent Forbes Advisor study, we have some of the worst rental markets in the nation. Buckle up, renters, because if you thought navigating shore traffic on a Friday driving on the Garden State Parkway was stressful, brace yourself for the wild ride that is renting in New Jersey.
The National Renters Landscape: It's Cheaper to Cry Than Buy
The study, analyzing 95 of the most populous U.S. cities, revealed a harsh reality: renting is now demonstrably cheaper than buying a home in America's 50 largest metro areas. Soaring home prices and a lack of affordable down payments have left many renters priced out of the homeownership dream. But wait, there's more! This shift in the housing market doesn't necessarily translate to a renter's paradise. In fact, for some cities, it slams the door shut on affordable living altogether.
The Best and Worst Places to Rent in America: Where New Jersey Shines (Not)
The Forbes Advisor study ranked cities based on three key factors: affordability, availability and amenities, and lifestyle and safety. While Lincoln, Nebraska, emerged victorious as the most renter-friendly city, New Jersey residents might want to reach for a stronger cup of coffee. Newark, the state's largest city, unfortunately snagged the dubious title of the worst city for renters in the entire United States. But Newark wasn't alone in dragging down the Garden State's reputation. Jersey City and Paterson also landed embarrassingly low on the list, thanks in part to serious concerns about crime and safety.
Why New Jersey Cities Keep Renters Up at Night
So, what exactly makes renting in these New Jersey cities such a nightmare? Let's take a closer look at the culprits:
Skyrocketing Rents: Forget about that dream apartment with a balcony overlooking a park. In Newark, Jersey City, and Paterson, median rents have skyrocketed in recent years, with increases significantly higher than the national average. According to RentData.org, the median rent for a one-bedroom apartment in Newark sits at $1,590, while Jersey City boasts a median rent of $2,025 and Paterson comes in at $1645. These numbers are daunting, especially considering the national median rent for a one-bedroom apartment is hovering around $1,100.
The Rental Unit Mirage: Finding an available rental unit in these New Jersey cities feels like searching for a unicorn. The study revealed a shocking scarcity of rentals compared to the number of residents. In layman's terms, good luck landing a decent place without getting into a bidding war with desperate souls (and maybe even losing your deposit in the process).
Amenity Apartheid: While renters across the country prioritize amenities like in-unit laundry and on-site parking, these New Jersey cities seem to be stuck in the rental stone age. Compared to other areas, Newark, Jersey City, and Paterson offer significantly fewer of these must-have features. So, get ready to haul your laundry to a dingy laundromat and fight for street parking every night – all for the privilege of paying an exorbitant rent.
Crime and Safety Concerns: Let's not sugarcoat it. Crime rates in Newark, Jersey City, and Paterson are a significant concern for renters. Newark, in particular, has a well-documented history of violent crime. The city of Newark, New Jersey, had a high violent crime rate, with 7.33 per 1,000 inhabitants falling victim to violent crime. The violent crime rate in Newark was more than 3 times greater than the statewide violent crime rate of 2.06 per 1,000 inhabitants. Property crime rates are also high, at 42.21 per 1,000 residents. Jersey City and Paterson also struggle with crime, though to varying degrees. While gentrified areas within these cities boast improved safety records, renters should always be aware of their surroundings and conduct thorough research on specific neighborhoods before signing a lease.
Is There Any Hope for New Jersey Renters? A Survival Guide
While the situation might seem bleak, there is a glimmer of hope for New Jersey renters. Here are some tips to navigate the treacherous rental landscape:
Location, Location, Location: Think about your priorities. Do you crave a walkable neighborhood bustling with cafes and shops, or is easy access to public transportation a dealbreaker? Prioritize what matters most to you and focus your search on areas that fit the bill, with a keen eye on crime statistics.
Look Beyond the Median Rent: Don't be fooled by the median rent alone. Factor in the size and amenities offered for the price. A seemingly affordable apartment might
Rents Are Dipping in Some Areas. With seemingly endless new ‘luxury’ rental building everywhere you look, there is more competition and supply, bringing down rent prices in some pockets.
