The top rental markets in New Jersey are Jersey City, Newark, Edgewater, North Bergen, Elizabeth, Paterson, and East Orange
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
New Jersey Rental Trends:
New Jersey has one of the highest population densities in the country with a strategic location next to New York and Pennsylvania. New Jersey has a big personality and also a big return on investment for landlords who see many renters opting for New Jersey as a more affordable option than New York. Here are some highlights from the top rental markets in the Garden State:
Days on Market:
The city with the lowest number of days on market is Elizabeth at only 11 days – under the national average which sits at 15 days; Paterson has the highest number of days on market at 24.
The top three towns for the largest amount of leads per listing all surpass the national average of 38 and are over 100. Here they are:
- Paterson – 153 leads per listing
- East Orange – 130 leads per listing
- Elizabeth – 121 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, East Orange comes above that with the lowest average rent of $1,532 for a two-bedroom compared to the highest rent in New Jersey at $3,065 in Edgewater.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. New Jersey’s highest median sale price comes above that at $685,000 in Edgewater with its lowest median sale price lower than the national average at $265,000 in Newark.
New Jersey’s median income rings in at $56,970 – above the the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in New Jersey cities between 2018 and 2019. With the largest being an increase of 9.09% in Newark at $1,800, and the largest decrease in North Bergen at -55.56% with the current average at around $1,000 – just under the national average for security deposits which is $1,200.
All of the New Jersey cities had a livability score 50 or higher with the highest being Edgewater at 77!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.