NJ Rent Surged 12 Percent Last Year, Surpassing Most Of Nation

NEW JERSEY — Rent across New Jersey surged more than 10 percent in the past year, surpassing inflation and rising more sharply than all but a handful of states, according to new data.

Nationwide, rent increased 4.8 percent from December 2021 to last December, with a median monthly cost of $1,978, according to rent.com's latest monthly report. New Jersey's median rent shot up 11.7 percent during that span, totaling $2,725 as of December.

New Jersey's surge in rent shot past the rate of inflation. As of December, prices on all consumer goods rose 6.5 percent from the year prior, while the cost of shelter increased 7.5 percent, according to the Consumer Price Index — a key metric for evaluating inflation.

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Rent increases also varied by county, according to new data from Zillow. While Atlantic County averages some of the state's cheapest rent, the monthly cost for a rental unit shot up 24.9 percent in 2022, from $1,424.71 to $1,765.80.

Despite having higher rent than much of New Jersey, Monmouth County's increased the least last year, going from $2,476.77 to $2,613.63 for a 5.5 percent increase.

Zillow didn't have enough data to calculate the annual rent increases in Cape May, Cumberland, Salem or Sussex Counties.

Here's how much the average rent increased throughout New Jersey in 2022, according to Zillow:

1. Atlantic County: 24.9 percent, $1,424.71 to $1,765,80
2. Hunterdon County: 12.9 percent, $2,112.58 to $2,385.31
3. Hudson County: 11.5 percent, $2,570.07 to $2,866.59
4. Essex County: 11.2 percent, $1,802.50 to $2,004.78
5. Middlesex County: 10.7 percent, $2,193.94 to $2,429.03
6. Ocean County: 9.8 percent, $2,243.19 to $2,462.43
7. Passaic County: 9.8 percent, $1,997.96 to $2,194.36
8. Morris County: 8.6 percent, $2,583.57 to $2,806.05
9. Gloucester County: 8.6 percent, $2,301.84 to $2,500.82
10. Union County: 8.2 percent, $2,179.99 to $2,358.80
11. Warren County: 8.1 percent, $1,577.34 to $1,704.58
12. Bergen County: 8 percent, $2,394.21 to $2,584.71
13. Camden County: 7.7 percent, $1,662.98 to $1,790.48
14. Mercer County: 7.3 percent, $2,186.29 to $2,345.52
15. Somerset County: 7.1 percent, $2,199.43 to $2,356.48
16. Burlington County: 6.2 percent, $1,899.73 to $2,017.70
17. Monmouth County: 5.5 percent, $2,476.77 to $2,613.63

While New Jersey's rent shot up 11.7 percent last year, several states saw sharper increases.

Here's the top five, according to rent.com:

1. Florida: 29.3 percent increase, median rent of $2,307
2. New York: 20.1 percent increase, median rent of $2,587
3. South Dakota: 17.9 percent increase, median rent of $1,184
4. Arkansas: 17.5 percent increase, median rent of $994
5. Delaware: 14.5 percent increase, median rent of $1,822

Find more information at rent.com and Zillow.