Department of Numbers

Monmouth County New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Monmouth County NJ was $1,350 in 2017 according to the Census ACS survey.1 Average gross rent in Monmouth County was $1,366 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 Monmouth County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Monmouth 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%
Monmouth County NJ Median Gross Rent $1,350 -1.60% +3.53%

Monmouth County NJ Real Gross Rent Trends

Median gross rent for Monmouth County peaked in real terms in 2016 at $1,372 and is now $22 (1.60%) lower. Average gross rent for Monmouth County peaked in real terms in 2016 at $1,407 and is now $41 (2.91%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Monmouth County

Date US
Median
New Jersey
Median
Monmouth County NJ
Median
Monmouth County NJ
Average
2017 $1,012 $1,284 $1,350 $1,366
2016 $996 $1,263 $1,372 $1,407
2015 $987 $1,249 $1,313 $1,343
2014 $956 $1,231 $1,304 $1,346
2013 $924 $1,196 $1,230 $1,303
2012 $912 $1,184 $1,259 $1,256
2011 $912 $1,189 $1,234 $1,228
2010 $927 $1,207 $1,278 $1,309
2009 $931 $1,225 $1,232 $1,256
2008 $947 $1,227 $1,311 $1,355
2007 $899 $1,169 $1,231 $1,242
2006 $909 $1,160 $1,203 $1,236

Monmouth 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 Monmouth County New Jersey was 2.48% according to Census ACS data.

Rental Vacancy Rate in Monmouth 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%
Monmouth County NJ 2.48% -0.66% -3.86%

Trends in Monmouth County NJ Rental Vacancy Rate

The rental vacancy rate in Monmouth County peaked in 2011 at 7.33%. Since then it has fallen by 4.85% to 2.48%. Data records for this series originated in 2005.

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

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Monmouth County

Date US New Jersey Monmouth County NJ
2017 6.18% 4.45% 2.48%
2016 5.89% 5.02% 3.14%
2015 5.85% 5.65% 4.11%
2014 6.32% 6.09% 6.34%
2013 6.49% 6.18% 3.87%
2012 6.77% 5.96% 5.05%
2011 7.40% 6.99% 7.33%
2010 8.17% 7.51% 6.00%
2009 8.43% 7.59% 5.67%
2008 7.86% 7.27% 5.82%
2007 7.87% 6.30% 5.96%
2006 7.70% 6.41% 6.97%

Rent as a Fraction of Income

Using median household income data for Monmouth County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monmouth County, median monthly gross rent as a fraction of median household income was 16.49% in 2017 according to the ACS.

Monmouth 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%
Monmouth County NJ 16.49% -1.48% -0.81%

Trends in Monmouth County NJ Rent as a Fraction of Income

The fraction of median Monmouth County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 18.01%. Since then it has fallen by 1.52% to 16.49%.

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

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

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

Date US New Jersey Monmouth County NJ
2017 20.13% 19.24% 16.49%
2016 20.43% 19.61% 17.97%
2015 20.63% 20.17% 17.58%
2014 20.89% 20.06% 17.29%
2013 20.78% 20.03% 17.25%
2012 20.65% 19.77% 18.01%
2011 20.70% 20.19% 17.82%
2010 20.50% 19.75% 17.51%
2009 20.12% 19.46% 16.61%
2008 19.00% 18.21% 16.55%
2007 18.66% 18.37% 16.56%
2006 18.90% 18.13% 15.71%

Renter Fraction in Monmouth County New Jersey

You can calculate the renter fraction in Monmouth 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 Monmouth County as a fraction of total Monmouth County households. In 2017 25.59% of households were renters according to Census ACS data.

Monmouth 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%
Monmouth County NJ 25.59% -2.39% -1.35%

Trends in the Monmouth County NJ Renter Fraction

The Monmouth County household renter fraction peaked in in 2016 at 27.98% and is now 2.39% below that level. The origin year for the series is 2005.

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

Fraction of renters in Monmouth County

History of Monmouth County Renter Fraction

Date US New Jersey Monmouth County NJ
2017 36.13% 36.19% 25.59%
2016 36.88% 36.77% 27.98%
2015 36.97% 36.98% 26.54%
2014 36.90% 36.74% 26.94%
2013 36.50% 35.95% 26.31%
2012 36.09% 34.93% 24.73%
2011 35.42% 34.95% 24.20%
2010 34.65% 33.59% 24.78%
2009 34.13% 33.86% 25.44%
2008 33.36% 32.98% 23.69%
2007 32.80% 32.73% 24.82%
2006 32.73% 32.70% 22.84%

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.