Renters looking for an apartment in Jersey City appear to finally be getting a little relief as a recent report claims that monthly rents have been down for several months in a row.
A new study from real estate listing site Zumper tells a nationwide story that has become all too familiar, as the median asking rent for one-bedroom units across the county rose 0.2% in May to an average of $1,520/month, while two-bedrooms climbed 0.3% to $1,907.
The story told in the report is surprisingly different in Jersey City, which has seen rents skyrocket over the last decade but also welcomed tons of new development. Both one and two-bedroom asking rents in Jersey City dropped in May by about 6% from their April numbers.
Jersey City’s year-over-year decline in asking rent was even more significant, as rents fell about 12% percent for one bedrooms and over 16% for two-bedrooms. Jersey City was also one of the top “fallers” nationwide since May of last year, with only Knoxville, TN and Colorado Springs having bigger declines in asking rent.
Despite the decreases, rent could arguably be described as still too damn high. The average asking rent in Jersey City currently stands at $2,920/month, ranking only below only New York City and San Francisco nationwide.
The Zumper National Rent Report pulls their rental data for the study from over a million active listings across the country. Listings are then aggregated monthly to calculate median asking rents for the top 100 most populous cities, including all data available in the month of publication.
