Newark, New Jersey Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Newark, New Jersey rental market.
Highlights
An apartment for rent in Newark, New Jersey typically goes for $1,557 per month, while a single-family home for rent in Newark, New Jersey has a monthly cost of around $2,351. Renter-occupied units make up 76% of the local housing market, while the rental vacancy rate in Newark, New Jersey is at 3.5.
Newark, New Jersey
Average Apartment Rent
$1,557
Y-o-Y Change in Average
Apartment Rent
6.6%
Average Single-Family Rent
$2,351
As of July 2024
Compared to a year ago, Newark, New Jersey apartments have recorded a 6.6% rent increase.
Newark, New Jersey Average apartment rent trend
Newark, New Jersey Average Apartment Rent
Newark, New Jersey Apartment rent ranges
At 35.83%, apartments priced $1,000 - $1,500 represent the bulk of Newark, New Jersey rentals, while condos priced $500 - $700 hold the lowest share of the market – 3.22%.
Newark, New Jersey Housing tenure**
Renters take up 76% of Newark, New Jersey real estate, occupying a total of 85,699 units, while homeowners live in 26,936 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$38,190
Average household size of renter-occupied housing units**
2.52
Rental vacancy rate**
3.5%
Newark, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 28,656 rentals in Newark, New Jersey with 2 beds making up the highest share of the market, at 33%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 559 units. Overall, the median number of rooms in Newark, New Jersey homes for rent is 4.1.
Newark, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Newark, New Jersey are occupied by residents in the 35 - 44 years age group (23%), followed by those in the 45 - 54 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Newark, New Jersey Renter-occupied housing units by family type**
Newark, New Jersey Renter-occupied housing units by the presence of own children**
A total of 48,858 apartments for rent in Newark, New Jersey, or 57% of all rentals are family households. Additionally, 35% of rental homes include children under the age of 18 – that’s 30,000 units. All in all, the median size of a renter-occupied household in Newark, New Jersey is 2.52.
Newark, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 16% of the rental market. In contrast, residents with less than a high school degree reside in 22% of the homes for rent in Newark, New Jersey.
Newark, New Jersey Renter-occupied units by year structure built**
The highest share of Newark, New Jersey apartment rentals, namely 19% or 15,883 units, were Built 1939 or earlier, followed by those Built 1960 - 1969 (14%, 11,894 units), and the ones Built 1970 - 1979 (13%, 11,174 units).
Newark, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2014
Most Newark, New Jersey renters (47%) moved in 2010 to 2017, while only 3% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Newark, New Jersey condos for rent is 2014.
Newark, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 43% of Newark, New Jersey renters have No vehicle available per household, 43% of them have 1 vehicle available, and 12% have 2 vehicles available.
Newark, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Newark, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
Newark, New Jersey Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Newark, New Jersey apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
