Where rents have gone up the most

From the Star Ledger:

Rent prices are skyrocketing in these 15 N.J. real estate markets

It’s not a renter’s market in New Jersey. The state has the fifth-highest median rent in the nation, along with high housing costs that force tenants to stay in their apartments rather than purchase a home.

But there’s a bright spot for renters out there: New Jersey’s median rent fell slightly in the past year, by 1.1 percent, while the rest of the nation increased 1.3 percent. Those slight differences might add up in the coming years.

Other towns are seeing a boom in rent prices, particularly by the Shore. Most of the towns on this list also have a median rent above the New Jersey median of $2,014.

1. Berkeley Heights, Union County
Median rent: $3,177
Change: 19.75 percent

2. Point Pleasant Beach, Ocean County
Median rent: $2,540
Change: 19.53 percent

3. Bay Head, Ocean County
Median rent: $6,561
Change: 18.3 percent

4. New Providence, Union County
Median rent: $3,163
Change: 17.85 percent

5. Cedar Grove, Essex County
Median rent: $2,443
Change: 16.33 percent

6. Hardwick, Warren County
Median rent: $1,893
Change: 13.69 percent

7. Readington, Hunterdon County
Median rent: $2,642
Change: 13.39 percent

8. Lavallette, Ocean County
Median rent: $2,135
Change: 11.02 percent

9. Caldwell, Essex County
Median rent: $2,367
Change: 10.45 percent

10. Fairfield, Cumberland County
Median rent: $1,360
Change: 10.39 percent

11. Raritan, Hunterdon County
Median rent: $2,532
Change: 9.52 percent

12. Madison, Morris County
Median rent: $3,248
Change: 9.47 percent

13. Seaside Park, Ocean County
Median rent: $1,965
Change: 9.17 percent

14. Bethlehem, Hunterdon County
Median rent: $2,440
Change: 9.12 percent

15. East Amwell, Hunterdon County
Median rent: $2,438
Change: 8.74 percent

This entry was posted in Demographics, Economics, New Jersey Real Estate. Bookmark the permalink.

65 Responses to Where rents have gone up the most

  1. grim says:

    Hunterdon well represented, which is somewhat odd.

  2. The Original NJ ExPat says:

    Shore towns being pulled up by post-Sandy new construction?

  3. grim says:

    I think the shore/vacation towns on the list are more likely noise than actual market moves.

  4. The Original NJ ExPat says:

    We rented this cute little 1920’s house in Sea Bright in 2010. Ocean front, but only ocean views from the second floor from two of the four upstairs bedrooms. It was owned by a local family for at least two generations and they rented it out by the week all Summer, we took it for two. True Ocean front property, nice location, low taxes ($5K). They probably took in $40-$50K or more a Summer renting it out. It got wiped out in Sandy, Dining room and Living Room walls were breached, literally tons of sand inside the house, I saw the FB pictures. So now it’s a tear down, but I guess the family didn’t have the money to rebuild. It looks like they put it on the market for $950K 4 years ago, no takers, $625K two years ago, no takers. They sold it for $630K last fall. I’m betting that something big gets built there, similar to construction across the street and next door, taking away some of the view from the similarly big and tall house only separated from the beach by this house. 14 East New St, Sea Bright. $630K for a tear down that is literally ocean front in Sea Bright, is that a good deal for the buyer? I think probably.


  5. 1987 Condo says:

    Regarding Cedar Grove, who knew? They are putting up “luxury” rentals for nearly $4,000 a month (see link) , and these are not even near the bus to PABT. I suspect we are becoming the nearby suburb for Montclair residents who sell their expensive high tax homes but want to stay in the area. HOV is building 400+ townhomes over next few years as well.


  6. The Original NJ ExPat says:

    Renting from a landlord becoming preferable to renting from your mortgage note holder?

  7. Yo! says:

    Billions of dollars are being raised to buy single family houses and rent them. None of the big single family landlords owns a single house in New Jersey, New York, or New England. Rental yields are too low and most of the Northeast is anti-landlord.

  8. The Original NJ ExPat says:

    Goldman Sachs does. We covered it last week here.

    None of the big single family landlords owns a single house in New Jersey, New York, or New England.

  9. grim says:

    Wait till Murphy passes statewide rent control on 1-2 family houses.

  10. The Original NJ ExPat says:

    Search any recorded deed database for MTGLQ as the owner. That’s Goldman Sachs.

  11. grim says:

    I have a hard time believing renting beats buying when Goldman Sachs is your landlord.

  12. The Original NJ ExPat says:

    I would generally concur except…MTGLQ is part of their penance, so maybe there is some additional oversight?


    I have a hard time believing renting beats buying when Goldman Sachs is your landlord.

  13. grim says:

    Vampire Squid pays no penance.

  14. Xolepa says:

    Hmmm. I own a multi in East Amwell (#15). Have same tenants for 14 years. Really haven’t raised the rent much on them. I wonder how this survey could have been done in that town. There can’t be more than a dozen total rentals. Most of the town is now 15 acre minimum zoning.

    As to why Hunterdon is moving up…Did you ever see who is moving in to the other counties? Just kidding. Rentals are just extremely, extremely tight.

    And I posted a rental opening this past June for a Warren County unit on the Hotspot site. Got over 50 requests in 2 days. I wound up renting to a guy with a credit score of 795.

    Also have another property in contract. Purchasing a 3 family in Warren County.Inside deal

  15. Xolepa says:

    booboo. Hotspots=Hotpads

  16. grim says:

    So this is basically all noise…

  17. Xolepa says:

    .. just another b.s. survey. The trend is correct, though. Realtors in my area of Hunterdon are salivating over the move of Unicom Global into the old Merck headquarters. The big question is whether they are consolidating jobs already here in Jersey, hiring new staff, or bringing people from California. The market depends alot on that mix.

  18. Fast Eddie says:

    I finished Atlas Shrugged over the weekend. It’s 1100 pages and it took a while because life gets in the way sometimes. Ya know? Anyway, I agree with 95% of Rand’s philosophy. Although driving home the point endlessly during the John Galt speech, I couldn’t find any disagreement with it. She doesn’t seem to tolerate the fact that our purpose in life is to please and serve others. Rational, pragmatic thinking and moral purpose is her message and trading value for value is the product of a full life. I can see why liberals hate her philosophy – it’s because it goes against their belief that one needs a community to survive…. as if a greater entity will enable one to prosper and not the individual themselves. She reasons that A is A because it’s logical. There’s no utopia built on the faith of others and promise for favors doesn’t exist.

  19. The Original NJ ExPat says:

    Fast – I am now shamed into doing the same. Congratulations!

    I finished Atlas Shrugged over the weekend.

  20. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Read it in Junior High. Once is enough. Same with Animal Farm.

  21. The Original NJ ExPat says:

    If you think about it, one of the things that’s tearing down our society is that shame doesn’t really apply anymore.

    7 kids from 5 absent fathers. You go girl!

    Hush money for covering up an affair? Take the money and then go for more money. There is no more “hush”.

    Fu.cking interns in the oval office? Just another bimbo eruption.

    I miss the days and culture when LBJ would whip out his huge schlong and shake it around at reporters and challenge them to take a picture of it. In retrospect, it might not play as well to a co-ed press pool today;-)

  22. ExEssex says:

    @9:50 good Gracious you are insipid….

  23. The Original NJ ExPat says:

    I think I was supposed to read that in 9th grade advanced English, but I didn’t. It just seemed weird and I couldn’t grasp what the purpose was of the uncomfortable text of animals mistreating other animals. I punted and faked it. I skipped 6th grade, so maybe I wasn’t mature enough to read it, but I remember that what little I read disturbed me.

    Same with Animal Farm.

  24. The Original NJ ExPat says:

    I think I also linked Animal Farm with Charlotte’s Web, which my fourth grade teacher (first year teacher, young and hot, which added to the memory) read aloud to us for about the last 30 or 40 minutes of every school day for many months. Suddenly we had to read Animal Farm and the animals themselves were assholes, not the farmers? I checked out. Too much real world, too soon.

  25. Fast Eddie says:

    Atlas Shrugged should be required reading again but it wouldn’t fly today because a) Kids can’t focus for more than a minute; b) It requires real “thinking” which is becoming a lost art and c) the progressive movement infested within the educational system wouldn’t allow it.

  26. The Original NJ ExPat says:

    Maybe take a drive in your girly BMW and pretend like you still have balls on a hog?

    @9:50 good Gracious you are insipid….

  27. The Great Pumpkin says:

    Animal Farm was right up there with 1984. Great books.

  28. Fast Eddie says:

    “Let the top 1 percent pay their fair share and leave New Jersey the hell alone.”

    Says, Bill Pascrell. So, the top 1% are paying about 50% of the taxes now. How much more is paying their fair share?

  29. The Great Pumpkin says:

    Fast Eddie,

    When you are making 200 million a year, you can afford it. Is the better idea to put it on the consumer class who is already being robbed of wage raises, so the long term and short term result is less consumer demand in the economy?

    That’s what is happening with real estate. There is huge demand, but they don’t have the wages to consume.

  30. The Great Pumpkin says:

    Tell the 1% that paying their fair share means creating a strong vibrant economy by not concentrating the very vehicle that makes the economy go….capital.

  31. Fast Eddie says:

    Answer the f.ucking question: How much is considered paying their fair share? If they’re paying ~ 50% now, what is considered fair?

  32. The Great Pumpkin says:

    I did….it’s whatever is needed to keep the economy running efficiently.

  33. The Great Pumpkin says:

    Stop focusing on the percentage. Do you really believe someone making 50,000 a year should pay the same percentage as someone who made a billion in a year? Just think about it.

  34. Fast Eddie says:

    Do you really believe someone making 50,000 a year should pay the same percentage as someone who made a billion in a year?

    Does anyone else want to explain the many things wrong with this question? I know this person is not a real poster and it’s an attempt at satire but I’m exhausted even reading this question.

  35. The Great Pumpkin says:

    Manhattan’s luxury residential market was red-hot last week, with 26 contracts signed at $4 million and above, according to Olshan Realty’s weekly market report.

    That was the most activity for the last week of July since Olshan started keeping track in 2006. But on the flipside, luxury homes spent an average of a whopping 536 days on the market.

    And almost half of last week’s luxury contracts were sold by developers, with an average discount of 15 percent off the original asking price. That suggests new condominiums “are in discount mode,” according to Olshan.


  36. Provocateur says:

    punkin’s answer = take all of it, if he wants to. Because individual rights have been thrown out of his and many young people’s education and mentalities. And he doesn’t worry about how “the economy” is supposed to function when everyone who creates wealth can be arbitrarily expropriated at punkin’s whim. Which is why punkin deserves a job in the highest level of economic planning, in Venezuela. Like punkin, they don’t get hung up on fixed percentages.

  37. The Great Pumpkin says:

    At the end of the day, if they don’t want to pay so much in taxes, don’t make so much money. It’s as easy as that. There has to be something in place under a capitalist system that redistributes money back to the bottom, and right now taxes are the best way of doing it. Concentration of money is real, and it’s deadly long term for the health of the economy. Of course in a perfect world, we would not need to redistribute money to keep the economy going, but the reality is that it needs to be redistributed in order to grow the economy.

    That’s all the bust cycle does, it redistributed the money back to the bottom. Do we really need to have a bust to take from the rich and give back to the poor.

  38. The Great Pumpkin says:

    Come on, are you really in support of all out greed? Wtf! If someone making a billion dollars ends up paying a 60% tax, they still make f’en 400 million after taxes. That’s not enough? What the hell do they need so much money for?

  39. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Solid gold railings in the mansion baby.

  40. Yo! says:

    Is MTGLQ a long-term single family rental landlord, or is MTGLQ foreclosing delinquent loans, taking title, then selling the houses?

  41. Libturd questioning the gender of Hillary's Cankle fluid. says:


    Is that like LGBTQ+?

  42. Yo! says:


    Hudson County Real estate the most read story on Bloomberg terminals this afternoon. UBS reinvesting Hudson County after abandoning Connecticut.

  43. No One says:

    I think punkin’s renters should stage a revolution in his house and make him live in a tent in the backyard. It’s for the good of the economy. Why should he have title to all of it when so few have the privilege of owning? And what kind of jerk hoards an extra house while there are homeless children out there? “Can’t make this stuff up” as he likes to say over and over.

  44. The Great Pumpkin says:

    No one,

    I was only charging my tenants 900 dollars a month for a two bedroom. With their savings, at my expense (prob 6,000 a year I’m losing), they were able to purchase a home in Florida. See how it works, Mr. Greed? I cut them a break, and they grew the economy with their home purchase. Had I sucjed them dry and left them with no ability to save, they would not be buying a house right now. That money would be in my pocket.

    I practice what I preach.

  45. The Great Pumpkin says:

    Now if all the greedy so called job creators could understand this, how much stronger could our economy be?

  46. The Great Pumpkin says:

    But that want to concentrate capital into a few hands. What was the game of monopoly trying to teach? Must have flew over a lot of people’s heads.

  47. The Original NJ ExPat says:

    At least Pumps finally admits he’s a loser.

  48. nwnj says:

    Today’s pumpkin pis$ing match is making my head hurt. The huge tax deductions being defended by nj democrats is a tax cut for the rich. I can’t figure out who is arguing for tax fairness.

  49. JCer says:

    Yo, I cannot figure out why. Since they’ve added all those apartments in Weehawken and the North end of Hoboken that Lincoln Harbor location is awful. Not much in the way of dining, etc and a terrible commute. Might as well be in Downtown Jersey City the road access is better.

  50. The Original NJ ExPat says:

    Keep in mind, Pumps father is a deported drug dealer, now living in Poland. Pumps has neither the education nor the upbringing to arrive at logical conclusions.

    or friends.

  51. The Great Pumpkin says:

    My father was involved with organized crime out of Yonkers, Ny (where he came to this country at the age of 2). That’s why the “Feds” took him out, not local or state. Even though he was Polish, he worked with the Italians in the 80’s.

  52. leftwing says:

    Random thoughts from a quick scan of today…

    Rental survey, would question. No time to look at methodology but probably a bug in there. Probably also some distortion from new condos in too small a sample set, there just aren’t that many units in many towns to start with. Tip off is including the shore data, should have been omitted.

    SALT going permanent. LOL. Can’t wait for the impact on that bally-hooed lawsuit…A bunch of AGs running to the Court…

    “b-b-but Judge! They’re doing it again! They’re legislating!!! Make them stop!” LOL. Fcuking embarrassment.

    NWNJ….c’mon you’ve been around the block a few times. Fairness is whatever the Left says it is. Period, not open for debate.

  53. The Original NJ ExPat says:

    Sorry I defamed him. He sounds like a helluva guy. Did he help you get into your secret society colleges where you earned your secret degrees after dropping out of High School?

    My father was involved with organized crime out of Yonkers, Ny (where he came to this country at the age of 2). That’s why the “Feds” took him out, not local or state. Even though he was Polish, he worked with the Italians in the 80’s.

  54. The Original NJ ExPat says:

    My daughter just got a stellar review for the last four weeks of being a tennis instructor intern. That means she gets paid next year. Also, she has exceeded her HS’s requirement for out-of-school community service.

  55. leftwing says:

    So, I nominate for white elephant of the week:


    Oh my, where to start….

    Second highest price house in that town.

    706 days on the market for this “new construction”. When is new construction no longer considered new?

    $46k in tax carry cost right now. The town used to wait to reval until sale, not any more. Developer banged with extra $32k annually when the house was finished and sitting.

    8 BR because, you know, there are all those massive family formations these days.

    Oops, above is my bad, it’s an *estate*, so we’ll have lots of people over to use all the rooms. While entertaining on our *massive* 0.52 acre estate lot. LOL.

    And probably the key tipoff that maybe this was not the best idea, to build this monstrosity the developer purchased the knockdown for $1.2m.

    But in all fairness, that was less than what was paid for 60 Linden, the highest priced home in this town (TBB), which had a knockdown purchase price of $1.4m.

    By the same developer. Oh yeah.


  56. The Original NJ ExPat says:

    Chatham is an eclectic mix of educators and criminals. A distinction without a difference, if you ask me.

  57. leftwing says:

    Neither is purchasing either of the above homes. At those prices:

    Educators can’t afford it.

    Criminals are too smart.

  58. joyce says:

    That house is going to continue to sit for Weeks and Weeks.

  59. Yo! says:

    JCer, UBS has 10 years to go on its lease and the company’s US data center is in the building. So relocating would be expensive and disruptive. I agree the location sucks for office jobs. Lousy master planning execution by Hartz and Turner. Leftak and JC did better in Newport, and Hoboken waterfront redevelopment is world class.

  60. The Original NJ ExPat says:

    joyce – Do you really want to be that kind of cunt? I would advise just staying a fat, garden variety cunt.

  61. Yo! says:

    Invitation Homes, the landlord bashed in the Reuters hit piece, owns 80,000 houses, including zero in New Jersey.

  62. Yo! says:

    Case-Shiller day out.

    New York metro change from peak:

    High-tier house -6%
    Mid-tier house -7%
    Low-tier house -13%
    Condo +20% (plus twenty percent)

    But low-tier houses making comeback, up 10% year over year. Time to buy Paterson?

  63. Yo! says:

    Grim I’m in mod on a few comments

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