Department of Numbers

New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in New Jersey was $1,376 in 2019 according to the Census ACS survey.1 Average gross rent was $1,410 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 New Jersey median and average rent data will be released in September of 2021.

Data is also available below for New Jersey rental vacancy rates, New Jersey rent as a percent of median income and the fraction of renters in New Jersey.

Show dollars as: Nominal Real

Real Gross Rent in New Jersey (2019 dollars)2

2019 1 Year Change 3 Year Change
US Median Gross Rent $1,097 +1.86% +6.82%
New Jersey Median Gross Rent $1,376 +1.18% +5.60%

New Jersey Real Gross Rent Trends

At $1,376, real median gross rent in New Jersey was at its highest level in 2019 since the series began in 2005. At $1,410, real average gross rent in New Jersey was at its highest level in 2019 since the series began in 2005.

Real Gross Rent in New Jersey: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New Jersey

Date US Median New Jersey Median New Jersey Average
2019 $1,097 $1,376 $1,410
2018 $1,077 $1,360 $1,387
2017 $1,043 $1,324 $1,349
2016 $1,027 $1,303 $1,340
2015 $1,017 $1,288 $1,320
2014 $986 $1,269 $1,302
2013 $953 $1,233 $1,257
2012 $940 $1,221 $1,243
2011 $941 $1,226 $1,243
2010 $955 $1,245 $1,272
2009 $960 $1,263 $1,284

more history ...

New Jersey Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for New Jersey was 4.23% according to Census ACS data.

Rental Vacancy Rate in New Jersey

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
New Jersey 4.23% -0.19% -0.79%

Trends in New Jersey Rental Vacancy Rate

The rental vacancy rate in New Jersey peaked in 2009 at 7.59%. Since then it has fallen by 3.36% to 4.23%. Data records for this series originated in 2005.

Rental Vacancy Rate: New Jersey, US

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for New Jersey

Date US New Jersey
2019 5.97% 4.23%
2018 6.15% 4.42%
2017 6.18% 4.45%
2016 5.89% 5.02%
2015 5.85% 5.65%
2014 6.32% 6.09%
2013 6.49% 6.18%
2012 6.77% 5.96%
2011 7.40% 6.99%
2010 8.17% 7.51%
2009 8.43% 7.59%

more history ...

New Jersey Rent as a Fraction of Income

Using median household income data for New Jersey, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New Jersey, median monthly gross rent as a fraction of median household income was 19.26% in 2019 according to the ACS.

New Jersey Median Annual Rent as a Fraction of Median Household Income

2019 1 Year Change 3 Year Change
US 20.03% -0.47% -0.40%
New Jersey 19.26% -0.36% -0.35%

Trends in New Jersey Rent as a Fraction of Income

The fraction of median New Jersey household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 20.19%. Since then it has fallen by 0.93% to 19.26%.

Fraction of Income towards Rent: New Jersey, US

Percent of median household income going towards median monthly gross rent in New Jersey

Historical Data for Annual Rent as a Fraction of Income in New Jersey

Date US New Jersey
2019 20.03% 19.26%
2018 20.50% 19.61%
2017 20.13% 19.24%
2016 20.43% 19.61%
2015 20.63% 20.17%
2014 20.89% 20.06%
2013 20.78% 20.03%
2012 20.65% 19.77%
2011 20.70% 20.19%
2010 20.50% 19.75%
2009 20.12% 19.46%

more history ...

Renter Fraction in New Jersey

You can calculate the renter fraction in New Jersey in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in New Jersey as a fraction of total New Jersey households. In 2019 36.65% of households were renters according to Census ACS data.

New Jersey Fraction of Renters by Household Units

2019 1 Year Change 3 Year Change
US 35.89% -0.16% -0.99%
New Jersey 36.65% +0.63% -0.12%

Trends in the New Jersey Renter Fraction

The New Jersey household renter fraction peaked in in 2015 at 36.98% and is now 0.33% below that level. The origin year for the series is 2005.

Fraction of Renting Households: New Jersey, US

Fraction of renters in New Jersey

History of New Jersey Renter Fraction

Date US New Jersey
2019 35.89% 36.65%
2018 36.05% 36.02%
2017 36.13% 36.19%
2016 36.88% 36.77%
2015 36.97% 36.98%
2014 36.90% 36.74%
2013 36.50% 35.95%
2012 36.09% 34.93%
2011 35.42% 34.95%
2010 34.65% 33.59%
2009 34.13% 33.86%

more history ...

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.