Department of Numbers

Somerset County New Jersey Residential Rent and Rental Statistics

The median monthly gross residential rent in Somerset County NJ was $1,546 in 2017 according to the Census ACS survey.1 Average gross rent in Somerset County was $1,581 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 Somerset County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Somerset 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%
Somerset County NJ Median Gross Rent $1,546 +4.67% +3.69%

Somerset County NJ Real Gross Rent Trends

At $1,546, real median gross rent in Somerset County was at its highest level in 2017 since the series began in 2005. Average gross rent for Somerset County peaked in real terms in 2010 at $1,593 and is now $12 (0.75%) lower. From a recent low of 1379.0 in 2012, real average gross rent has now increased by $202 (14.65%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Somerset County

Date US
Median
New Jersey
Median
Somerset County NJ
Median
Somerset County NJ
Average
2017 $1,012 $1,284 $1,546 $1,581
2016 $996 $1,263 $1,477 $1,463
2015 $987 $1,249 $1,462 $1,443
2014 $956 $1,231 $1,491 $1,540
2013 $924 $1,196 $1,420 $1,451
2012 $912 $1,184 $1,335 $1,379
2011 $912 $1,189 $1,470 $1,435
2010 $927 $1,207 $1,463 $1,593
2009 $931 $1,225 $1,445 $1,548
2008 $947 $1,227 $1,533 $1,591
2007 $899 $1,169 $1,414 $1,441
2006 $909 $1,160 $1,385 $1,451

Somerset 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 Somerset County New Jersey was 4.50% according to Census ACS data.

Rental Vacancy Rate in Somerset 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%
Somerset County NJ 4.50% +0.72% -3.96%

Trends in Somerset County NJ Rental Vacancy Rate

The rental vacancy rate in Somerset County peaked in 2008 at 21.05%. Since then it has fallen by 16.55% to 4.50%. Data records for this series originated in 2005. From a 2016 post peak low of 3.78%, the rental vacancy rate has increased by 0.72%.

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

Rental vacancy rate in New Jersey

Historical Rental Vacancy Rate data for Somerset County

Date US New Jersey Somerset County NJ
2017 6.18% 4.45% 4.50%
2016 5.89% 5.02% 3.78%
2015 5.85% 5.65% 7.51%
2014 6.32% 6.09% 8.46%
2013 6.49% 6.18% 16.23%
2012 6.77% 5.96% 8.68%
2011 7.40% 6.99% 10.80%
2010 8.17% 7.51% 10.84%
2009 8.43% 7.59%
2008 7.86% 7.27% 21.05%
2007 7.87% 6.30% 14.51%
2006 7.70% 6.41% 8.75%

Rent as a Fraction of Income

Using median household income data for Somerset County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Somerset County, median monthly gross rent as a fraction of median household income was 16.54% in 2017 according to the ACS.

Somerset 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%
Somerset County NJ 16.54% -0.16% -0.88%

Trends in Somerset County NJ Rent as a Fraction of Income

The fraction of median Somerset County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 17.47%. Since then it has fallen by 0.93% to 16.54%.

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

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

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

Date US New Jersey Somerset County NJ
2017 20.13% 19.24% 16.54%
2016 20.43% 19.61% 16.70%
2015 20.63% 20.17% 17.32%
2014 20.89% 20.06% 17.42%
2013 20.78% 20.03% 17.16%
2012 20.65% 19.77% 16.20%
2011 20.70% 20.19% 17.47%
2010 20.50% 19.75% 17.18%
2009 20.12% 19.46% 17.45%
2008 19.00% 18.21% 15.92%
2007 18.66% 18.37% 15.25%
2006 18.90% 18.13% 15.22%

Renter Fraction in Somerset County New Jersey

You can calculate the renter fraction in Somerset 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 Somerset County as a fraction of total Somerset County households. In 2017 23.01% of households were renters according to Census ACS data.

Somerset 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%
Somerset County NJ 23.01% -2.27% -3.17%

Trends in the Somerset County NJ Renter Fraction

The Somerset County household renter fraction peaked in in 2014 at 26.18% and is now 3.17% below that level. The origin year for the series is 2005.

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

Fraction of renters in Somerset County

History of Somerset County Renter Fraction

Date US New Jersey Somerset County NJ
2017 36.13% 36.19% 23.01%
2016 36.88% 36.77% 25.28%
2015 36.97% 36.98% 25.55%
2014 36.90% 36.74% 26.18%
2013 36.50% 35.95% 22.17%
2012 36.09% 34.93% 23.05%
2011 35.42% 34.95% 23.38%
2010 34.65% 33.59% 19.27%
2009 34.13% 33.86% 23.26%
2008 33.36% 32.98% 20.02%
2007 32.80% 32.73% 19.43%
2006 32.73% 32.70% 20.78%

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.