When it involves rising rents, New Jersey has NYC beat.
As The Real Deal reports, Jersey City noticed the steepest lease will increase on one-bedroom residences within the final yr, based on knowledge from the rental itemizing web site Zumper. The metropolis skilled an annual enhance of almost 50%. This is only a contact increased than its fellow Hudson County municipality West New York, which noticed a 47% enhance. Both cities skilled a 6% worth progress final month alone.
By comparability, Zumper estimates that one-bedroom condo costs have climbed about 34% in New York City, though rents within the Big Apple stay a lot increased general. The next-biggest enhance final month got here in Yonkers, at 5% month-to-month, though rents there are decrease than final yr.
According to Zumper knowledge, the one native areas which have seen falling rents in current months are Bayonne and Long Branch, New Jersey in addition to Long Beach, New York. Newark and East Orange, New Jersey in addition to Bridgeport, Connecticut boast the realm’s least expensive rents general, though they’re rising in all three cities.