Department of Numbers

Salem County New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Salem County NJ was $972 in 2017 according to the Census ACS survey.1 Average gross rent in Salem County was $942 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 Salem County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Salem 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%
Salem County NJ Median Gross Rent $972 +0.10% +0.21%

Salem County NJ Real Gross Rent Trends

Median gross rent for Salem County peaked in real terms in 2010 at $1,067 and is now $95 (8.90%) lower. Average gross rent for Salem County peaked in real terms in 2010 at $1,023 and is now $81 (7.92%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Salem County

Date US
Median
New Jersey
Median
Salem County NJ
Median
Salem County NJ
Average
2017 $1,012 $1,284 $972 $942
2016 $996 $1,263 $971 $943
2015 $987 $1,249 $1,048 $967
2014 $956 $1,231 $970 $922
2013 $924 $1,196 $970 $936
2012 $912 $1,184 $970 $941
2011 $912 $1,189 $995 $972
2010 $927 $1,207 $1,067 $1,023
2009 $931 $1,225 $872 $877
2008 $947 $1,227 $1,028 $898
2007 $899 $1,169 $935 $864
2006 $909 $1,160 $946 $949

Salem 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 Salem County New Jersey was 5.47% according to Census ACS data.

Rental Vacancy Rate in Salem 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%
Salem County NJ 5.47% +2.17%

Trends in Salem County NJ Rental Vacancy Rate

The rental vacancy rate in Salem County peaked in 2006 at 9.36%. Since then it has fallen by 3.89% to 5.47%. Data records for this series originated in 2005. From a 2014 post peak low of 3.30%, the rental vacancy rate has increased by 2.17%.

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

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Salem County

Date US New Jersey Salem County NJ
2017 6.18% 4.45% 5.47%
2016 5.89% 5.02%
2015 5.85% 5.65% 9.24%
2014 6.32% 6.09% 3.30%
2013 6.49% 6.18% 6.08%
2012 6.77% 5.96% 8.06%
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% 9.36%

Rent as a Fraction of Income

Using median household income data for Salem County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Salem County, median monthly gross rent as a fraction of median household income was 19.04% in 2017 according to the ACS.

Salem 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%
Salem County NJ 19.04% -2.33% -0.76%

Trends in Salem County NJ Rent as a Fraction of Income

The fraction of median Salem County household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 21.38%. Since then it has fallen by 2.33% to 19.04%.

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

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

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

Date US New Jersey Salem County NJ
2017 20.13% 19.24% 19.04%
2016 20.43% 19.61% 21.38%
2015 20.63% 20.17% 17.77%
2014 20.89% 20.06% 19.81%
2013 20.78% 20.03% 18.40%
2012 20.65% 19.77% 18.69%
2011 20.70% 20.19% 21.14%
2010 20.50% 19.75% 20.97%
2009 20.12% 19.46% 18.24%
2008 19.00% 18.21% 17.84%
2007 18.66% 18.37% 17.92%
2006 18.90% 18.13% 16.38%

Renter Fraction in Salem County New Jersey

You can calculate the renter fraction in Salem 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 Salem County as a fraction of total Salem County households. In 2017 33.05% of households were renters according to Census ACS data.

Salem 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%
Salem County NJ 33.05% +0.31% +3.43%

Trends in the Salem County NJ Renter Fraction

At 33.05%, the 2017 household based renter fraction in Salem County was at its highest level. The origin year for the series is 2005.

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

Fraction of renters in Salem County

History of Salem County Renter Fraction

Date US New Jersey Salem County NJ
2017 36.13% 36.19% 33.05%
2016 36.88% 36.77% 32.74%
2015 36.97% 36.98% 24.44%
2014 36.90% 36.74% 29.62%
2013 36.50% 35.95% 29.76%
2012 36.09% 34.93% 29.21%
2011 35.42% 34.95% 28.89%
2010 34.65% 33.59% 30.29%
2009 34.13% 33.86% 26.29%
2008 33.36% 32.98% 27.89%
2007 32.80% 32.73% 22.08%
2006 32.73% 32.70% 28.78%

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.