Westfield, 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 Westfield, New Jersey rental market.
Highlights
An apartment for rent in Westfield, New Jersey typically goes for $2,679 per month, while a single-family home for rent in Westfield, New Jersey has a monthly cost of around $4,540. Renter-occupied units make up 20% of the local housing market, while the rental vacancy rate in Westfield, New Jersey is at 2.4.
Westfield, New Jersey
Average Apartment Rent
$2,679
Y-o-Y Change in Average
Apartment Rent
4.2%
Average Single-Family Rent
$4,540
As of November 2024
Compared to a year ago, Westfield, New Jersey apartments have recorded a 4.2% rent increase.
Westfield, New Jersey Average apartment rent trend
Westfield, New Jersey Average Apartment Rent
Westfield, New Jersey Housing tenure**
Renters take up 20% of Westfield, New Jersey real estate, occupying a total of 2,108 units, while homeowners live in 8,318 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$100,972
Average household size of renter-occupied housing units**
1.93
Rental vacancy rate**
2.4%
Westfield, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 715 rentals in Westfield, New Jersey with 1 bed making up the highest share of the market, at 34%. Units with 4 beds, on the other hand, hold the lowest percentage (7%), amounting to 138 units. Overall, the median number of rooms in Westfield, New Jersey homes for rent is 4.1.
Westfield, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Westfield, New Jersey are occupied by residents in the 45 - 54 years age group (20%), followed by those in the 25 - 34 years age group (20%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 4%.
Westfield, New Jersey Renter-occupied housing units by family type**
Westfield, New Jersey Renter-occupied housing units by the presence of own children**
A total of 952 apartments for rent in Westfield, New Jersey, or 45% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 411 units. All in all, the median size of a renter-occupied household in Westfield, New Jersey is 1.93.
Westfield, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 59% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Westfield, New Jersey.
Westfield, New Jersey Renter-occupied units by year structure built**
The highest share of Westfield, New Jersey apartment rentals, namely 36% or 765 units, were Built 1939 or earlier, followed by those Built 1990 - 1999 (17%, 355 units), and the ones Built 1950 - 1959 (14%, 303 units).
Westfield, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Westfield, New Jersey renters (41%) moved in 2010 to 2017, while only 3% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Westfield, New Jersey condos for rent is 2016.
Westfield, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 54% of Westfield, New Jersey renters have 1 vehicle available per household, 32% of them have 2 vehicles available, and 8% have No vehicle available.
Westfield, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Westfield, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
Westfield, 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 Westfield, 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
