Hoboken HIGHEST RENT!

Hoboken HIGHEST RENT!

[411 Note: Yet another “data mining” article that indicates that Hoboken has the highest rent in New Jersey. In fact, Hoboken (as well as others, like Edgewater), have on average 2.5x times the national average rent. OUR “key takeaways” (i.e., logical questions) are – Is your quality of living 2.5x higher? Are you 2.5x happier? What justifies the 2.5x higher cost? Lies from your previous 8-year “mayor” who promised lower property tax bills? Does beer taste better in Hoboken? Food for thought as you lay your head down on the pillow tonight…]

Hoboken Highest Rent in New Jersey

By Balazs Szekely

Key takeaways:

  • Hoboken’s 07030 is the #1 most expensive ZIP code for renters in New Jersey with an average of $3,401
  • At almost 52%, Jersey City’s 07306 (#37) experienced the highest rate of supply expansion as well as the highest rent gains at 34%
  • Livingston’s 07039 (#12) experienced the largest negative rent growth in the state at 3.27%

Currently the 4th most expensive state for renters, New Jersey’s average rent clocks in at $1,578, surpassed only by CaliforniaMassachusetts and New York. Although New Jersey followed national trends of modest gains or even negative rent growth, 07030, the #1 most expensive ZIP code in the state, still boasts an average rent of $3,401, according to Yardi Matrix – 2.5 times the national average, which stood at $1,354 in September.

Below is a list of the top 15 most expensive (on average) cities to live in New Jersey:

15 most expensive cities to rent in New Jersey

Hoboken new construction 20-year high. Thanks “mayor” don Zimmer.

Reigning as the #1 most expensive ZIP code in the state of New Jersey07030’s average rent in 2017 clocks in at $3,401. Although softening 2% year-over-year, 07030 still kept its lead from 2016. The pricey ZIP covers the entirety of Hoboken, including neighborhoods such as Madison Park, Castle Point and SoHo West. With apartment construction at a 20-year high, Hoboken followed national trends, increasing its stock by 10% year-over-year. Hoboken added 482 units for a current total of 5,184 apartments. Some of the priciest of them are located at The South Independence at The ShipyardThe Sovereign at The ShipyardsHoboken South Waterfront and The North Independence at The Shipyard, where apartments can go for well over 6,000 a month.

Bergen County’s 07020 – covering the borough of Edgewater — also maintained its runner-up position, despite a 2.6% contraction in the average rent. New Jersey’s #2 most expensive ZIP code, 07020’s average rent is currently at $3,368. Stock is also on the rise in 07020 – at a 5.7% year-over-year growth rate, the borough now totals 1,895 units. Named “A riverside borough with quirks” by The New York Times, Edgewater boasts Hudson River frontage, and views across to the Upper West Side and Harlem.

Neighboring New Jersey’s #1 most expensive ZIP code 07030, 07310 is currently the state’s 3rd priciest ZIP code for renters boasting an average rent of $3,201. Covering Jersey City neighborhoods like Newport and Van Leer, as well as Hoboken Yards, 07310 has a total of 5,165 units, down almost 8% year-over-year.

07310 also borders New Jersey’s 4th priciest ZIP code07302, which posted an average rent of $3,115 – a 1% year-over-year gain. 07302 also saw healthy supply gains, adding 1995 new units year-over-year, boosting its inventory to 9587 units. 07302’s pricey rents are not surprising, as the ZIP code covers Downtown Jersey Cityneighborhoods like Van Vorst Park, The Historic Downtown Village, Harsimus CoveHamilton Park, Mill Creek and parts of Metro Plaza.

07030 in Hoboken is the most expensive ZIP code in New Jersey, with the average rent clocking in at $3,401.  Curious to see if other states’ priciest ZIPs can take New Jersey on? Just move your cursor to another state boundary. 

 

Methodology

  • Data compilation, analysis, and mapping done by RENTCafe using rent and construction data provided by Yardi Matrix, a RENTCafe sister company.
  • The average rent figures in this article were calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
  • ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations.
  • Rent pricies are for apartments only, no single-family homes or townhomes were included.

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