Department of Numbers

New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in New Jersey was $1,244 in 2016 according to the Census ACS survey.1 Average gross rent was $1,280 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 New Jersey median and average rent data will be released in September of 2018.

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 (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New Jersey Median Gross Rent $1,244 +1.14% +5.60%

New Jersey Real Gross Rent Trends

At $1,244, real median gross rent in New Jersey was at its highest level in 2016 since the series began in 2005. At $1,280, real average gross rent in New Jersey was at its highest level in 2016 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
2016 $981 $1,244 $1,280
2015 $972 $1,230 $1,260
2014 $942 $1,212 $1,243
2013 $910 $1,178 $1,201
2012 $898 $1,166 $1,187
2011 $898 $1,171 $1,187
2010 $912 $1,189 $1,214
2009 $916 $1,206 $1,227
2008 $932 $1,208 $1,234
2007 $885 $1,151 $1,171
2006 $895 $1,142 $1,164
2005 $869 $1,116 $1,131

New Jersey Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for New Jersey was 5.02% according to Census ACS data.

Rental Vacancy Rate in New Jersey

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New Jersey 5.02% -0.63% -1.16%

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 2.57% to 5.02%. 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
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%
2008 7.86% 7.27%
2007 7.87% 6.30%
2006 7.70% 6.41%
2005 7.74% 6.43%

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 19.61% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New Jersey 19.61% -0.56% -0.42%

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 0.58% to 19.61%.

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
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%
2008 19.00% 18.21%
2007 18.66% 18.37%
2006 18.90% 18.13%
2005 18.89% 18.19%

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 2016 36.77% of households were renters according to Census ACS data.

New Jersey Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New Jersey 36.77% -0.21% +0.82%

Trends in the New Jersey Renter Fraction

The New Jersey household renter fraction peaked in in 2015 at 36.98% and is now 0.21% 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
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%
2008 33.36% 32.98%
2007 32.80% 32.73%
2006 32.73% 32.70%
2005 33.10% 32.71%

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.