So where are the hottest rental markets in the country? According RentCafetwo of the most competitive are in New Jersey, which won’t surprise anyone who’s recently been trying to find an apartment.
RentCafe.com analyzed the 135 largest markets in the United States where data was available. Specifically, they looked at five important metrics that affect a location’s competitiveness:
- the number of days the apartments were vacant
- what percentage of rentals were occupied
- the number of candidate tenants competing for an apartment
- what percentage of tenants renewed their lease
- the share of apartments completed this year
After analyzing the numbers, they determined that North Jersey was the fifth most competitive rental market, while Central Jersey was the 7th.
In 2022, more than a quarter of North Jersey renters looked for a new apartment, while 74.3% decided to stay put and renew their lease. This is the fifth highest lease renewal rate nationally.
As a result, competition between tenants was fierce. For each apartment available on the market, there were on average 21 apartment seekers applying for it.
North Jersey apartments stayed on the market for an average of 32 days before being let. With occupancy rates of 97.2%, housing options were limited in this area.
Despite a 2.1% increase in the total number of new apartments coming on the market, representing the sixth fastest supply growth nationally, North Jersey is falling far short of meeting the growing demand for accommodations.
In central Jersey, there were 15 applicants for every vacancy and an 85% lease renewal rate.
Central Jersey and North Jersey were nearly twice as competitive as Manhattan in 2022, with RCI (Rental Competitiveness Index) scores of 96.8 and 107.5, respectively.
The views expressed in the above post are those of New Jersey 101.5 talk show host Bill Doyle only.
You can now listen Deminsky and Doyle — On demand! Listen to New Jersey’s favorite radio show every day of the week. Download the Deminski & Doyle show wherever you get podcasts, on our free app, or listen right away.
Click here to contact an editor about a comment or correction for this story.
Gorgeous Views: 13 Lake NJ Home Rentals in North Jersey
Lake life – it’s a New Jersey thing. Sussex, Passaic and Morris counties have their own shorelines, dear to visitors and locals alike.
Here’s a roundup of a dozen breathtaking lakeside rentals in North Jersey, many along Hopatcong Lake or Upper Greenwood Lake.
Stunning Jersey Shore Rentals Just Steps to the Beach
Here are 10 homes along the Jersey Shore for an Insta-ready beach getaway.
Comments are closed.