Rents increased between 20% and 40% in 14 New Jersey’s counties since the start of the pandemic, new data published by Zillow shows.
The typical rent paid by a New Jersey tenant increased by at least 30% in Atlantic, Ocean, Camden, Hunterdon and Gloucester counties between February 2020 and December 2022, an analysis of the data shows. (See how your county fared in the chart below.)
Atlantic County topped the list at a 40% rent spike from $1,264 to $1,766, though it remains one of the few counties with typical rents below $2,000.
Hudson County, which had the highest pre-pandemic rents at $2,441 a month in February 2020, remained the highest in December 2022 at $2,867, among the counties included in Zilllow’s analysis.
Not enough data was not available in Cumberland, Sussex, Cape May or Salem counties to determine a typical rent in both February 2020 and December 2022, according to Zillow.
About the data: Instead of using median rents of units currently available, Zillow uses an equation that also looks at currently occupied units to get a better sense of how much residents are actually paying. Single-family homes and multi-unit buildings, like apartments, are both taken into consideration in calculating typical rents.
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Katie Kausch may be reached at kkausch@njadvancemedia.com. Follow her on Twitter @KatieKausch.
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