Mirroring a national trend, it appears that the Jersey City rental market may be cooling.
According to a new study by the online rental marketplace Apartment List, the median rent in Jersey City increased in 2023 by a relatively modest 1.7 percent. That compares to 7.8 percent in 2022 and 17.6 percent in 2021. Like the rest of the country, Jersey City rents had tumbled in 2020 with the onset of Covid-19.
Before popping any leftover bottles of Dom Perignon, potential renters should know that Jersey City is the ninth most expensive large city in the U.S., with a median rent of $2,295. That is 66.4 percent higher than the national median and is similar to the prices one would find in Boston ($2,302) and San Diego ($2,274).
For a 1-bedroom apartment, the median rent currently stands at $2,245 and for a 2-bedroom, $2,283.
Of the 100 largest cities, Jersey City saw the largest one-month rent decrease in December, with rents falling by 2.6 percent. Rents tend to decrease in the winter months and pick up over the summer.
The cooling of the rental market is a national phenomenon, driven by supply, landlord concessions, and economic uncertainty.
Affordability continues to be an issue for many in Jersey City. In an effort to address the problem, the City Council passed zoning changes in October that allow for greater density and the building of small “accessory dwelling units” on lots previously limited to one building.