North Jersey Now 2nd Hottest Rental Market in US

On Jul 10, 2023

RentCafe released its most recent Rental Competitivity Report, which shows how easy or how hard it is for renters to find an apartment in America’s 137 largest rental hotspots, based on data from millions of apartments.

The report revealed that Miami has reclaimed the top spot as the nation’s hottest rental market, surpassing North Jersey. Despite the overall caution in the rental market, competition for the best apartments among renters remains fierce in the Garden State.

North Jersey has a high occupancy rate of 96.4%, as the number of rental apartments increased by a mere 0.3% in recent months. Accordingly, with very few options available, 70.9% of apartment dwellers decided not to move out.

An average of 14 renters are currently competing for a single apartment in the North Jersey market, compared to the US average of 9 renters competing for a single apartment. The nationwide occupancy rate is 94% (2.5% more availability than in North Jersey), and the share of new apartments is double that of North Jersey. Additionally, only 60% of dwellers renew their leases nationwide, leaving more options available on the market.

Central Jersey is very competitive as well, claiming the 12th place nationwide, same as in the previous quarter, with a nationwide record of 83% of renters choosing to stay put and renew their leases. This market saw the pace of construction pick up as 2023 was starting to unfold, but it was not enough to meet demand. As a result, one apartment ended up being hunted by 9 prospective renters, amid an occupancy rate of 96%.

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