If You Live In This NJ City, You’re Paying The Highest Rent In The Country
Living is expensive. Especially if you live in New Jersey right now.
Over the past few years, renters across the U.S. have experienced staggering increases in rent. But if you take a look at the numbers at just how much they've increased, it's pretty mind boggling.
Rent.com just calculated a list of "The 100 cities with the highest rent in the U.S" The data was pulled from their multifamily rental property inventory for one and two-bedroom apartments, between June 2022 and June 2021, excluding cities with populations of less than 50,000. Their study found that the cities with the highest rent prices are near major technology hubs.
And guess what? New Jersey appeared twice in the Top 10. Yay.
It gets even worse. A New Jersey city is at the top of the list at #1. Which city, you ask?
Hats off to you if you're making ends meet renting in Jersey City. You're paying the highest rent in the country right now. The average monthly rent in in Jersey City has jumped from $3,308 in 2021 to $5,500 in 2022. Which is a whopping 66.25% increase.in just a year's time!
If you're living in Hoboken, you're also paying some of the highest rent prices in the country. With Hoboken, New Jersey has two cities in the Top 10 of this list. Hoboken comes in at #7 with an average monthly rent of $4,264, which is a 21.46% increase from June 2021.
Yeah, I'll hang onto my <$2,000 rent for my South Jersey apartment. But as a New Jerseyan, this has me clutching my pearls!
Have you noticed trends like this happening in your city?