While Jersey City’s new apartments are getting bigger, the increase in size isn’t keeping up with the increase in rents. That’s the takeaway from two new studies.
Bucking a national trend, Jersey City apartments have been growing. While over the last ten years new apartments shrank by 54 square feet nationally, new apartments in Jersey City grew by 23 square feet according to a study by rentcafe.com.
Even with the increase, at 799 square feet, the average new apartment in Jersey City is still the 12th smallest nationwide. But Chilltown could be doing worse. New apartments in Manhattan and Brooklyn are even smaller, coming in at 740 square feet and 692 square feet respectively.
With complaints about gentrification increasing, the news that rents are higher will come as no surprise to many people. A report from the website apartmentlist.com shows that the median rent for an apartment in Jersey City has risen to $2,270, making it the 7th most expensive in the country among the 100 largest cities.
Of cities in the New York metro area, Jersey City rents have increased by the most in one year at 9.5 percent. For median rent, Jersey City trails only Fort Lee and Hoboken.
Nationally, rents have increased by an average of 3 percent. The median rent in Jersey City is 69 percent higher than the national average.
The rising prices appear to reflect strong demand. Says Downtown real estate agent Phil Rivo “If you’re interested in a property, you have to come prepared with any money and fees. If you wait a day it’s gone.”