North Jersey is no longer the hottest rental market
It didn’t fall far, but North Jersey has been dethroned as the nation’s most competitive rental market. The new champ is Miami-Dade County, Florida. North Jersey is now second.
According to statistics compiled by Rent Café, after sunny Miami-Dade, it’s hardest for renters in North Jersey to find an apartment. 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. As a consequence, 14 renters are currently competing for an apartment in Jersey City, Newark, Hoboken, Union City, Passaic, and other cities in the North Jersey market. Wow, 14 people fighting over each apartment. That’s crazy.
It’s almost twice as hard for renters in North Jersey to secure an apartment compared to what’s happening across the nation. In the U.S., an average of 9 renters are competing for an apartment, the occupancy rate is 94% (2.5% more availability than in North Jersey), the share of new apartments is double that in North Jersey and only 60% of dwellers renew their leases, leaving more options available on the market.
I know what you’re thinking: “I’ll just go a little farther south to Central Jersey to find an apartment.” I’ve got some bad news for you; Central Jersey is very competitive as well, snatching 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.
According to Rent Café, 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%.
Good luck finding an apartment!
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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