Department of Numbers

Ocean City New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Ocean City, NJ (the Ocean City metro area) was $1,063 in 2016 according to the Census ACS survey.1 Average gross rent in Ocean City was $953 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 Ocean City median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Ocean City 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%
Ocean City, NJ Median Gross Rent $1,063 -2.12% +5.77%

Ocean City, NJ Real Gross Rent Trends

Median gross rent for Ocean City peaked in real terms in 2007 at $1,180 and is now $117 (9.92%) lower. From a recent low of 969.0 in 2009, real median gross rent has now increased by $94 (9.70%). Average gross rent for Ocean City peaked in real terms in 2007 at $1,134 and is now $181 (15.96%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Ocean City

Date US
Median
New Jersey
Median
Ocean City, NJ
Median
Ocean City, NJ
Average
2016 $981 $1,244 $1,063 $953
2015 $972 $1,230 $1,086 $1,012
2014 $942 $1,212 $1,108 $997
2013 $910 $1,178 $1,005 $936
2012 $898 $1,166 $995 $960
2011 $898 $1,171 $1,024 $949
2010 $912 $1,189 $1,075 $1,036
2009 $916 $1,206 $969 $878
2008 $932 $1,208 $1,146 $1,013
2007 $885 $1,151 $1,180 $1,134
2006 $895 $1,142 $1,057 $996
2005 $869 $1,116 $1,047 $851

Ocean City 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 Ocean City New Jersey was 38.68% according to Census ACS data.

Rental Vacancy Rate in Ocean City New Jersey

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New Jersey 5.02% -0.63% -1.16%
Ocean City, NJ 38.68% +2.86% +2.77%

Trends in Ocean City, NJ Rental Vacancy Rate

The rental vacancy rate in Ocean City peaked in 2014 at 39.41%. Since then it has fallen by 0.73% to 38.68%. Data records for this series originated in 2005.

Rental Vacancy Rate: Ocean City NJ, New Jersey, US

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Ocean City

Date US New Jersey Ocean City, NJ
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%
2005 7.74% 6.43% 15.06%

Rent as a Fraction of Income

Using median household income data for Ocean City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Ocean City, median monthly gross rent as a fraction of median household income was 20.39% in 2016 according to the ACS.

Ocean City 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%
Ocean City, NJ 20.39% -2.13% +0.60%

Trends in Ocean City, NJ Rent as a Fraction of Income

The fraction of median Ocean City 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 3.89% to 20.39%. From a 2013 low of 19.80%, the fraction of income going to rent has increased by 0.60%.

Fraction of Income towards Rent: Ocean City NJ, New Jersey, US

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

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

Date US New Jersey Ocean City, NJ
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%
2005 18.89% 18.19% 20.34%

Renter Fraction in Ocean City New Jersey

You can calculate the renter fraction in Ocean City 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 Ocean City as a fraction of total Ocean City households. In 2016 23.33% of households were renters according to Census ACS data.

Ocean City 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%
Ocean City, NJ 23.33% -0.18% +2.60%

Trends in the Ocean City, NJ Renter Fraction

The Ocean City household renter fraction peaked in in 2009 at 32.51% and is now 9.18% below that level. From a recent low of 20.73% in 2013, the household based renter fraction has now grown by 2.60%. The origin year for the series is 2005.

Fraction of Renting Households: Ocean City NJ, New Jersey, US

Fraction of renters in Ocean City

History of Ocean City Renter Fraction

Date US New Jersey Ocean City, NJ
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%
2005 33.10% 32.71% 21.82%

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.