Jersey City rents are among the most expensive in the nation, a new report finds

Choosing whether to rent or buy has never been an easy decision. However, the surging mortgage rates, high home prices, and a potential economic downturn have sidelined many homebuyers, leading to a surge in demand for rental properties. Although renting has been on the rise in many markets across the country, some U.S. cities become absolute leaders in apartment-rent growth. One of these places is Jersey City, New Jersey.

With its close proximity to New York City, a vibrant cultural scene, and an expanding job market, it is no surprise that more people are looking to rent in Jersey City. The median rent for a one-bedroom apartment in this city reached $3,000 in April, according to the report by Zumper. Jersey City is one of the most expensive places to rent in the United States, second only to its neighbor, New York City. 

“As New York City holds fast to its title of most expensive city in the United States, renters priced out of the five boroughs are increasingly looking for homes across the Hudson River,” the report reads. “Jersey City — with abundant mass-transit options to Manhattan and a vibrant waterfront area — is one of the fastest growing cities in the New York metropolitan area, posting an 18 percent increase in residents between 2010 and 2020.” 

Jersey City saw the biggest annual rent growth among 100 U.S. cities, with the median rental price surging 28 percent. As rents in New York City continue to set new records, more people are flocking to Jersey City for more affordable options. Jersey City shared second place with San Francisco, where April’s median monthly rent was $3,000 for a one-bedroom and $4,000 for a two-bedroom apartment. 

There has been a surge in new apartment buildings and luxury rentals in Jersey City over the past decade. In addition, a high concentration of financial companies gave this area the nickname “Wall Street West," often used by real estate developers and city officials. Renters in New Jersey also benefit from its numerous parks and outdoor spaces, as well as its waterfront location with stunning views of Manhattan.

Resources:

“Zumper National Rent Report,” (Zumper, 2023)

“New York still has the priciest rents, but Jersey City is closing in,” by Prashant Gopal (Bloomberg, 2023)