Department of Numbers

Trenton New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Trenton, NJ (the Trenton-Ewing metro area) was $1,154 in 2015 according to the Census ACS survey.1 Average gross rent in Trenton was $1,171 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Trenton median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Trenton New Jersey (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
New Jersey Median Gross Rent $1,214 +1.51% +5.47%
Trenton, NJ Median Gross Rent $1,154 +1.50% +6.07%

Trenton, NJ Real Gross Rent Trends

At $1,154, real median gross rent in Trenton was at its highest level in 2015 since the series began in 2005. Average gross rent for Trenton peaked in real terms in 2014 at $1,207 and is now $36 (2.98%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Trenton

Date US
Median
New Jersey
Median
Trenton, NJ
Median
Trenton, NJ
Average
2015 $959 $1,214 $1,154 $1,171
2014 $930 $1,196 $1,137 $1,207
2013 $898 $1,162 $1,088 $1,102
2012 $886 $1,151 $1,088 $1,102
2011 $887 $1,156 $1,114 $1,118
2010 $901 $1,173 $1,140 $1,140
2009 $905 $1,190 $1,118 $1,132
2008 $920 $1,192 $1,106 $1,142
2007 $874 $1,136 $1,084 $1,117
2006 $883 $1,127 $1,109 $1,142
2005 $858 $1,102 $1,095 $1,101

Trenton Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Trenton New Jersey was 7.68% according to Census ACS data.

Rental Vacancy Rate in Trenton New Jersey

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New Jersey 5.65% -0.44% -0.31%
Trenton, NJ 7.68% -0.07% +1.01%

Trends in Trenton, NJ Rental Vacancy Rate

The rental vacancy rate in Trenton peaked in 2009 at 10.29%. Since then it has fallen by 2.61% to 7.68%. Data records for this series originated in 2005.

Rental Vacancy Rate: Trenton NJ, New Jersey, US

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Trenton

Date US New Jersey Trenton, NJ
2015 5.85% 5.65% 7.68%
2014 6.32% 6.09% 7.75%
2013 6.49% 6.18% 6.53%
2012 6.77% 5.96% 6.67%
2011 7.40% 6.99% 8.38%
2010 8.17% 7.51% 7.89%
2009 8.43% 7.59% 10.29%
2008 7.86% 7.27% 8.92%
2007 7.87% 6.30% 7.95%
2006 7.70% 6.41% 4.36%
2005 7.74% 6.43% 7.88%

Rent as a Fraction of Income

Using median household income data for Trenton, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Trenton, median monthly gross rent as a fraction of median household income was 19.12% in 2015 according to the ACS.

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

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
New Jersey 20.17% +0.12% +0.40%
Trenton, NJ 19.12% +0.84% -0.03%

Trends in Trenton, NJ Rent as a Fraction of Income

The fraction of median Trenton household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.15%. Since then it has fallen by 0.03% to 19.12%.

Fraction of Income towards Rent: Trenton NJ, New Jersey, US

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

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

Date US New Jersey Trenton, NJ
2015 20.63% 20.17% 19.12%
2014 20.89% 20.06% 18.28%
2013 20.78% 20.03% 18.56%
2012 20.65% 19.77% 19.15%
2011 20.70% 20.19% 17.77%
2010 20.50% 19.75% 18.30%
2009 20.12% 19.46% 17.43%
2008 19.00% 18.21% 16.11%
2007 18.66% 18.37% 16.72%
2006 18.90% 18.13% 17.60%
2005 18.89% 18.19% 17.24%

Renter Fraction in Trenton New Jersey

You can calculate the renter fraction in Trenton 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 Trenton as a fraction of total Trenton households. In 2015 37.10% of households were renters according to Census ACS data.

Trenton Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
New Jersey 36.98% +0.24% +2.05%
Trenton, NJ 37.10% +0.65% +2.27%

Trends in the Trenton, NJ Renter Fraction

At 37.10%, the 2015 household based renter fraction in Trenton was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Trenton NJ, New Jersey, US

Fraction of renters in Trenton

History of Trenton Renter Fraction

Date US New Jersey Trenton, NJ
2015 36.97% 36.98% 37.10%
2014 36.90% 36.74% 36.45%
2013 36.50% 35.95% 36.01%
2012 36.09% 34.93% 34.83%
2011 35.42% 34.95% 34.33%
2010 34.65% 33.59% 32.46%
2009 34.13% 33.86% 33.74%
2008 33.36% 32.98% 32.47%
2007 32.80% 32.73% 30.06%
2006 32.73% 32.70% 31.41%
2005 33.10% 32.71% 30.49%

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.