Renting A Home Is Getting More Expensive In NJ: Here’s How Much

NEW JERSEY — The price of buying a home has been on the rise in New Jersey. But for those who rent – even one-room apartments – the cost of living is also ballooning, a recent study says.

The average price of rent in New Jersey is up 8 percent since January 2022, according to an analysis from QuoteWizard by LendingTree. That total is up 23 percent since 2020 – about $288 more per month, researchers added.

Citing data from Apartment List estimates, the study says a one-bedroom apartment costs about $1,516 on average in New Jersey. But the Garden State isn’t the only place to see rising rent costs, analysts say:

“America’s most populous cities have also seen an abrupt change in rental prices over the last two years. We found that the average price of rent in the United States’ 50 most populous cities has increased by 5% since the beginning of 2022 and 21% since 2020.”

Rent has increased the fastest in San Diego, where prices have risen 9 percent since January, analysts noted.

Here’s how much it costs to rent a one-bedroom home in these large U.S. cities:

• Boston, MA – Average rent of $2,025; 8% change since Jan. 2022
• Chicago, IL - Average rent of $1,312; 8% change since Jan. 2022
• Albuquerque, NM - Average rent of $1,047; 7% change since Jan. 2022
• Charlotte, NC - Average rent of $1,338; 7% change since Jan. 2022
• Colorado Springs, CO – Average rent of $1,217; 7% change since Jan. 2022
• Columbus, OH - Average rent of $1,045; 7% change since Jan. 2022

There may be a bit of relief on the horizon for renters in New Jersey under the recently passed state budget, however.

As part of the annual spending plan, the state has overhauled its system for divvying property-tax rebates. The new, $2 billion tax-relief program replaces the Homestead Rebate — not only adjusting benefits for homeowners, but also making renters eligible for the money.

Renters with incomes up to $150,000 can receive $450 each under the new formula. Read More: $2B In NJ Tax Rebates To Become Available (How To Get Your Share)

Meanwhile, the New Jersey Department of Community Affairs (DCA) is reminding residents that it will be accepting pre-applications online for the State Rental Assistance Program (SRAP) waiting list, starting Monday, July 11 through Friday, July 22.

According to the DCA website:

“The SRAP is a state-funded program that provides housing subsidies on behalf of very low-income New Jersey residents, for decent, safe and sanitary housing. Persons applying must meet all applicable SRAP income and eligibility requirements. A total of 4,000 households will be selected through a lottery system to be added to the waiting lists. You must be 18 years of age or older to apply, or be an emancipated minor. Only one SRAP pre-application per household will be accepted. Please note that only New Jersey residents are eligible to apply for SRAP assistance. A New Jersey resident is defined as someone whose primary residence is in New Jersey and who is present in New Jersey for at least six months prior to applying for SRAP assistance.”

For more information concerning the SRAP in New Jersey, click here.

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