Somerset County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Somerset County NJ was $1,633 in 2019 according to the Census ACS survey.1 Average gross rent in Somerset County was $1,611 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Somerset County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Somerset County New Jersey (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Jersey Median Gross Rent | $1,376 | +1.18% | +5.60% |
| Somerset County NJ Median Gross Rent | $1,633 | -1.21% | +7.29% |
Somerset County NJ Real Gross Rent Trends
Median gross rent for Somerset County peaked in real terms in 2018 at $1,653 and is now $20 (1.21%) lower. Average gross rent for Somerset County peaked in real terms in 2018 at $1,646 and is now $35 (2.13%) lower.
Real Gross Rent: Somerset County NJ Median, Somerset County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Somerset County
| Date | US Median |
New Jersey Median |
Somerset County NJ Median |
Somerset County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,633 | $1,611 |
| 2018 | $1,077 | $1,360 | $1,653 | $1,646 |
| 2017 | $1,043 | $1,324 | $1,594 | $1,630 |
| 2016 | $1,027 | $1,303 | $1,522 | $1,509 |
| 2015 | $1,017 | $1,288 | $1,507 | $1,488 |
| 2014 | $986 | $1,269 | $1,537 | $1,588 |
| 2013 | $953 | $1,233 | $1,464 | $1,496 |
| 2012 | $940 | $1,221 | $1,377 | $1,422 |
| 2011 | $941 | $1,226 | $1,515 | $1,480 |
| 2010 | $955 | $1,245 | $1,509 | $1,643 |
| 2009 | $960 | $1,263 | $1,490 | $1,596 |
| 2007 | $927 | $1,205 | $1,458 | $1,486 |
| 2005 | $910 | $1,169 | $1,373 | $1,445 |
Somerset County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Somerset County New Jersey was 2.97% according to Census ACS data.
Rental Vacancy Rate in Somerset County New Jersey
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Jersey | 4.23% | -0.19% | -0.79% |
| Somerset County NJ | — | — | — |
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 18.08% to 2.97%. Data records for this series originated in 2005.
Rental Vacancy Rate: Somerset County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Somerset County
| Date | US | New Jersey | Somerset County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | — |
| 2018 | 6.15% | 4.42% | 2.97% |
| 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% | — |
| 2007 | 7.87% | 6.30% | 14.51% |
| 2005 | 7.74% | 6.43% | 13.39% |
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 17.56% in 2019 according to the ACS.
Somerset County New Jersey Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Jersey | 19.26% | -0.36% | -0.35% |
| Somerset County NJ | 17.56% | +1.51% | +0.86% |
Trends in Somerset County NJ Rent as a Fraction of Income
Somerset County renters paid 17.56% of median household income towards the median monthly gross rent in 2019. This is the highest fraction of median household income going to rent since the series originated in 2005.
Fraction of Income towards Rent: Somerset County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Somerset County New Jersey
| Date | US | New Jersey | Somerset County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 17.56% |
| 2018 | 20.50% | 19.61% | 16.06% |
| 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% |
| 2007 | 18.66% | 18.37% | 15.25% |
| 2005 | 18.89% | 18.19% | 14.88% |
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 2019 25.36% of households were renters according to Census ACS data.
Somerset County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Jersey | 36.65% | +0.63% | -0.12% |
| Somerset County NJ | 25.36% | +2.15% | +0.08% |
Trends in the Somerset County NJ Renter Fraction
The Somerset County household renter fraction peaked in in 2014 at 26.18% and is now 0.82% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Somerset County NJ, New Jersey, US
History of Somerset County Renter Fraction
| Date | US | New Jersey | Somerset County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 25.36% |
| 2018 | 36.05% | 36.02% | 23.21% |
| 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% |
| 2007 | 32.80% | 32.73% | 19.43% |
| 2005 | 33.10% | 32.71% | 17.46% |
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. ↩
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