Elizabeth, 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 Elizabeth, New Jersey rental market.
Highlights
An apartment for rent in Elizabeth, New Jersey typically goes for $1,830 per month, while a single-family home for rent in Elizabeth, New Jersey has a monthly cost of around $2,632. Renter-occupied units make up 75% of the local housing market, while the rental vacancy rate in Elizabeth, New Jersey is at 3.3.
Elizabeth, New Jersey
Average Apartment Rent
$1,830
Y-o-Y Change in Average
Apartment Rent
2.7%
Average Single-Family Rent
$2,632
As of November 2024
Compared to a year ago, Elizabeth, New Jersey apartments have recorded a 2.7% rent increase.
Elizabeth, New Jersey Average apartment rent trend
Elizabeth, New Jersey Average Apartment Rent
Elizabeth, New Jersey Apartment rent ranges
At 47.68%, apartments priced $1,500 - $2,000 represent the bulk of Elizabeth, New Jersey rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.73%.
Elizabeth, New Jersey Housing tenure**
Renters take up 75% of Elizabeth, New Jersey real estate, occupying a total of 34,049 units, while homeowners live in 11,439 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$49,176
Average household size of renter-occupied housing units**
2.81
Rental vacancy rate**
3.3%
Elizabeth, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 12,071 rentals in Elizabeth, New Jersey with 2 beds making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 303 units. Overall, the median number of rooms in Elizabeth, New Jersey homes for rent is 4.
Elizabeth, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Elizabeth, New Jersey are occupied by residents in the 35 - 44 years age group (23%), followed by those in the 45 - 54 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Elizabeth, New Jersey Renter-occupied housing units by family type**
Elizabeth, New Jersey Renter-occupied housing units by the presence of own children**
A total of 22,651 apartments for rent in Elizabeth, New Jersey, or 67% of all rentals are family households. Additionally, 41% of rental homes include children under the age of 18 – that’s 14,114 units. All in all, the median size of a renter-occupied household in Elizabeth, New Jersey is 2.81.
Elizabeth, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 14% of the rental market. In contrast, residents with less than a high school degree reside in 24% of the homes for rent in Elizabeth, New Jersey.
Elizabeth, New Jersey Renter-occupied units by year structure built**
The highest share of Elizabeth, New Jersey apartment rentals, namely 22% or 7,464 units, were Built 1939 or earlier, followed by those Built 1940 - 1949 (15%, 5,001 units), and the ones Built 1950 - 1959 (14%, 4,692 units).
Elizabeth, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2015
Most Elizabeth, New Jersey renters (49%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Elizabeth, New Jersey condos for rent is 2015.
Elizabeth, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Elizabeth, New Jersey renters have 1 vehicle available per household, 28% of them have No vehicle available, and 23% have 2 vehicles available.
Elizabeth, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Elizabeth, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
Elizabeth, 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 Elizabeth, 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
