Rent increases for a one-bedroom apartment in Jersey City nearly doubled last year. A recent study by Rent.com indicates that the average rent increase for a 1BR in Jersey City rose by $1,533/month. That easily beats New York City’s $1,273/month average rent increase.
“One of the major benefits of living in Jersey City is its proximity to The Big Apple,” says the study. “It’s also a trendy spot, close to the style and influences of New York City.”
Fortunately, there is a small silver lining to the study. Despite the dramatic increase in monthly rent, the average rent price for individual units isn’t the highest in the country. According to Rent.com, Jersey City residents pay an average of $3,943/month for a 1BR apartment and $5,371 for a 2BR unit. New Yorkers, by comparison, pay $5,119/month for a 1BR or $7,979/month for a 2BR.
No one should be paying that type of money in rent, especially when the wages can’t keep up with the cost..
At some point these ridiculously inflated prices will go down because people can’t afford paying a mortgage figure for a rental. I hope the landlords choose to keep their current tenants who have shown over the years that they can pay their current rent on time, especially those who have rented for more than 2 yrs. Give us a break.
And they continue to build “luxury” towers throughout the city to siphon migrants from NYC prices. Take a look at the rents at the new Hendrix or Haus or the new Kushner Build on Marin – not sure how they are an improvement but okay
Comments are closed.