Department of Numbers

Cape May County New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Cape May County NJ was $1,065 in 2017 according to the Census ACS survey.1 Average gross rent in Cape May County was $1,041 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Cape May County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Cape May County New Jersey (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
New Jersey Median Gross Rent $1,284 +1.66% +4.31%
Cape May County NJ Median Gross Rent $1,065 -1.39% -5.33%

Cape May County NJ Real Gross Rent Trends

Median gross rent for Cape May County peaked in real terms in 2007 at $1,199 and is now $134 (11.18%) lower. From a recent low of 984.0 in 2009, real median gross rent has now increased by $81 (8.23%). Average gross rent for Cape May County peaked in real terms in 2007 at $1,152 and is now $111 (9.64%) lower.

Real Gross Rent: Cape May County NJ Median, Cape May County NJ Average, New Jersey Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Cape May County

Date US
Median
New Jersey
Median
Cape May County NJ
Median
Cape May County NJ
Average
2017 $1,012 $1,284 $1,065 $1,041
2016 $996 $1,263 $1,080 $968
2015 $987 $1,249 $1,103 $1,028
2014 $956 $1,231 $1,125 $1,013
2013 $924 $1,196 $1,020 $951
2012 $912 $1,184 $1,010 $975
2011 $912 $1,189 $1,040 $964
2010 $927 $1,207 $1,091 $1,052
2009 $931 $1,225 $984 $892
2008 $947 $1,227 $1,164 $1,029
2007 $899 $1,169 $1,199 $1,152
2006 $909 $1,160 $1,073 $1,011

Cape May County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Cape May County New Jersey was 34.38% according to Census ACS data.

Rental Vacancy Rate in Cape May County New Jersey

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
New Jersey 4.45% -0.57% -1.64%
Cape May County NJ 34.38% -4.30% -5.03%

Trends in Cape May County NJ Rental Vacancy Rate

The rental vacancy rate in Cape May County peaked in 2014 at 39.41%. Since then it has fallen by 5.03% to 34.38%. Data records for this series originated in 2005.

Rental Vacancy Rate: Cape May County NJ, New Jersey, US

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Cape May County

Date US New Jersey Cape May County NJ
2017 6.18% 4.45% 34.38%
2016 5.89% 5.02% 38.68%
2015 5.85% 5.65% 35.82%
2014 6.32% 6.09% 39.41%
2013 6.49% 6.18% 35.91%
2012 6.77% 5.96% 19.18%
2011 7.40% 6.99% 6.03%
2010 8.17% 7.51% 10.09%
2009 8.43% 7.59% 4.91%
2008 7.86% 7.27% 11.39%
2007 7.87% 6.30% 11.87%
2006 7.70% 6.41% 10.60%

Rent as a Fraction of Income

Using median household income data for Cape May County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cape May County, median monthly gross rent as a fraction of median household income was 19.09% in 2017 according to the ACS.

Cape May County New Jersey Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
New Jersey 19.24% -0.37% -0.82%
Cape May County NJ 19.09% -1.31% -4.09%

Trends in Cape May County NJ Rent as a Fraction of Income

The fraction of median Cape May County household income required to pay median monthly gross rent peaked in 2007 (relative to the 2005 series origin) at 24.28%. Since then it has fallen by 5.19% to 19.09%.

Fraction of Income towards Rent: Cape May County NJ, New Jersey, US

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

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

Date US New Jersey Cape May County NJ
2017 20.13% 19.24% 19.09%
2016 20.43% 19.61% 20.39%
2015 20.63% 20.17% 22.52%
2014 20.89% 20.06% 23.18%
2013 20.78% 20.03% 19.80%
2012 20.65% 19.77% 20.61%
2011 20.70% 20.19% 22.37%
2010 20.50% 19.75% 22.63%
2009 20.12% 19.46% 21.28%
2008 19.00% 18.21% 20.20%
2007 18.66% 18.37% 24.28%
2006 18.90% 18.13% 21.61%

Renter Fraction in Cape May County New Jersey

You can calculate the renter fraction in Cape May County 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 Cape May County as a fraction of total Cape May County households. In 2017 22.55% of households were renters according to Census ACS data.

Cape May County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
New Jersey 36.19% -0.58% -0.55%
Cape May County NJ 22.55% -0.78% -1.44%

Trends in the Cape May County NJ Renter Fraction

The Cape May County household renter fraction peaked in in 2009 at 32.51% and is now 9.96% below that level. From a recent low of 20.73% in 2013, the household based renter fraction has now grown by 1.82%. The origin year for the series is 2005.

Fraction of Renting Households: Cape May County NJ, New Jersey, US

Fraction of renters in Cape May County

History of Cape May County Renter Fraction

Date US New Jersey Cape May County NJ
2017 36.13% 36.19% 22.55%
2016 36.88% 36.77% 23.33%
2015 36.97% 36.98% 23.51%
2014 36.90% 36.74% 23.99%
2013 36.50% 35.95% 20.73%
2012 36.09% 34.93% 26.64%
2011 35.42% 34.95% 25.04%
2010 34.65% 33.59% 23.91%
2009 34.13% 33.86% 32.51%
2008 33.36% 32.98% 24.03%
2007 32.80% 32.73% 27.56%
2006 32.73% 32.70% 26.56%

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.