New Providence, 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 New Providence, New Jersey rental market.
New Providence, New Jersey
Average Apartment Rent
$2,298
Y-o-Y Change in Average
Apartment Rent
1.5%
As of May 2026
Compared to a year ago, New Providence, New Jersey apartments have recorded a 1.5% rent increase.
New Providence, New Jersey Average apartment rent trend
New Providence, New Jersey Average Apartment Rent
New Providence, New Jersey Apartment rent ranges
At 54.82%, apartments priced $2,000 - $2,500 represent the bulk of New Providence, New Jersey rentals, while condos priced Over $3,000 hold the lowest share of the market – 1.51%.
New Providence, New Jersey Housing tenure**
Renters take up 23% of New Providence, New Jersey real estate, occupying a total of 1,157 units, while homeowners live in 3,908 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$103,073
Average household size of renter-occupied housing units**
2.14
Rental vacancy rate**
2.9%
New Providence, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 539 rentals in New Providence, New Jersey with 1 bed making up the highest share of the market, at 47%. Units with No bedrooms, on the other hand, hold the lowest percentage (1%), amounting to 10 units. Overall, the median number of rooms in New Providence, New Jersey homes for rent is 3.7.
New Providence, New Jersey Renter-occupied units by age of householder**
Most condos for rent in New Providence, New Jersey are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 45 - 54 years age group (18%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 3%.
New Providence, New Jersey Renter-occupied housing units by family type**
New Providence, New Jersey Renter-occupied housing units by the presence of own children**
A total of 771 apartments for rent in New Providence, New Jersey, or 67% of all rentals are family households. Additionally, 28% of rental homes include children under the age of 18 – that’s 321 units. All in all, the median size of a renter-occupied household in New Providence, New Jersey is 2.14.
New Providence, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 64% of the rental market. In contrast, residents with less than a high school degree reside in 1% of the homes for rent in New Providence, New Jersey.
New Providence, New Jersey Renter-occupied units by year structure built**
The highest share of New Providence, New Jersey apartment rentals, namely 20% or 229 units, were Built 2010 - 2019, followed by those Built 2000 - 2009 (18%, 206 units), and the ones Built 1970 - 1979 (16%, 180 units).
New Providence, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most New Providence, New Jersey renters (38%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their New Providence, New Jersey condos for rent is 2018.
New Providence, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 51% of New Providence, New Jersey renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 13% have No vehicle available.
New Providence, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
New Providence, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
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 New Providence, 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
