Department of Numbers

Mercer County New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Mercer County NJ was $1,271 in 2017 according to the Census ACS survey.1 Average gross rent in Mercer County was $1,271 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 Mercer County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Mercer 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%
Mercer County NJ Median Gross Rent $1,271 +7.99% +8.73%

Mercer County NJ Real Gross Rent Trends

At $1,271, real median gross rent in Mercer County was at its highest level in 2017 since the series began in 2005. At $1,271, real average gross rent in Mercer County was at its highest level in 2017 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Mercer County

Date US
Median
New Jersey
Median
Mercer County NJ
Median
Mercer County NJ
Average
2017 $1,012 $1,284 $1,271 $1,271
2016 $996 $1,263 $1,177 $1,201
2015 $987 $1,249 $1,187 $1,205
2014 $956 $1,231 $1,169 $1,242
2013 $924 $1,196 $1,119 $1,134
2012 $912 $1,184 $1,119 $1,134
2011 $912 $1,189 $1,146 $1,150
2010 $927 $1,207 $1,173 $1,173
2009 $931 $1,225 $1,151 $1,165
2008 $947 $1,227 $1,138 $1,175
2007 $899 $1,169 $1,115 $1,150
2006 $909 $1,160 $1,141 $1,175

Mercer 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 Mercer County New Jersey was 3.45% according to Census ACS data.

Rental Vacancy Rate in Mercer 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%
Mercer County NJ 3.45% -0.85% -4.30%

Trends in Mercer County NJ Rental Vacancy Rate

The rental vacancy rate in Mercer County peaked in 2009 at 10.29%. Since then it has fallen by 6.84% to 3.45%. Data records for this series originated in 2005.

Rental Vacancy Rate: Mercer County NJ, New Jersey, US

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Mercer County

Date US New Jersey Mercer County NJ
2017 6.18% 4.45% 3.45%
2016 5.89% 5.02% 4.30%
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%

Rent as a Fraction of Income

Using median household income data for Mercer County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Mercer County, median monthly gross rent as a fraction of median household income was 19.26% in 2017 according to the ACS.

Mercer 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%
Mercer County NJ 19.26% +1.35% +0.98%

Trends in Mercer County NJ Rent as a Fraction of Income

Mercer County renters paid 19.26% of median household income towards the median monthly gross rent in 2017. This is the highest fraction of median household income going to rent since the series originated in 2005.

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

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

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

Date US New Jersey Mercer County NJ
2017 20.13% 19.24% 19.26%
2016 20.43% 19.61% 17.91%
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%

Renter Fraction in Mercer County New Jersey

You can calculate the renter fraction in Mercer 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 Mercer County as a fraction of total Mercer County households. In 2017 36.52% of households were renters according to Census ACS data.

Mercer 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%
Mercer County NJ 36.52% -0.49% +0.07%

Trends in the Mercer County NJ Renter Fraction

The Mercer County household renter fraction peaked in in 2015 at 37.10% and is now 0.58% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Mercer County NJ, New Jersey, US

Fraction of renters in Mercer County

History of Mercer County Renter Fraction

Date US New Jersey Mercer County NJ
2017 36.13% 36.19% 36.52%
2016 36.88% 36.77% 37.01%
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%

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.