Want an apartment in Jersey City? It’ll cost you substantially more this year, says rental website Zumper.
According to Zumper’s National Rent Report, the median rent for a two-bedroom apartment clocked in at a whopping $3,780, climbing 25% over the last year. The median rent on a one-bedroom apartment came in at $3,170, climbing 19.6%.
The numbers made Jersey City the second most expensive rental market in the country.
The good news? Rents on one- and two-bedroom apartments have come down 5% and 4% respectively over the last month.
Last month’s downturn is reflected in Zumper’s national data. Of 100 cities on its list, 40 are up slightly over last month, while 60 are either flat or down. “This is a continuation of the trend we’ve observed over the last several months” says Zumper. “As stratospheric pandemic-era rent hikes recede in the rear-view mirror and most markets settle into a new normal.”
Nationally, says Zumper CEO Anthemos Georgiades, “Rents are now almost flat year-over-year—something that would’ve been unimaginable even a year ago.”
Affordability has been a burning issue in Jersey City. Last week, officials lauded passage of a tax abatement that will pave the way for the construction of 8,000 residential units, 35% of which are to be reserved as affordable, in a project known as Bayfront.