For Rent: 32 Gifford Ave. #23 in Jersey City (2024)

FAQs

Why is Jersey City rent so high? ›

Unfortunately, affordable and comfortable living options have become almost non-existent. The city's upscale and popular status, driven by convenience and luxury, has led to a population surge, with new residents moving from New York City in search of what they consider “affordable” rent.

There is no statewide limit on rent increases in New Jersey. However, several cities and counties have local ordinances that limit how much landlords can raise rents each year. For example, in Newark and Jersey City, the annual rent increase is limited to 4% or the cost of living increase, whichever is lower.

As a rule of thumb, your monthly rent shouldn't exceed 30% of your gross monthly income. This leaves 70% of your gross monthly income to cover other expenses.

Newark, the state's largest city, has the nation's highest percentage of renters, with 79.15%, followed by Elizabeth, at 75.5%, and Paterson, at 75.32%, according to the survey based on U.S. Census data. Jersey City ranked sixth, at 71.7%, according to the survey.

A recent study conducted found that Jersey City, NJ, has the second-highest rent on average across the nation—being bested only by its close neighbor, New York City.

Between 2010 and 2018, Hudson County, which includes Jersey City, built housing at more than twice the rate that New York City did. Jersey City's population grew by nearly 60% from 2010 to 2020. Many of the old rail yards and factories on the city's waterfront have been replaced with luxury high-rises.

Since vacancies are low and demand is so high, landlords and property management companies can ask for higher rents.

Whilst Jersey is a desirable place to live, the island is 45sq miles and space is a premium. Cost of accommodation can be higher compared to other countries. This is due to limited space and rising house prices. This is also a contributing factor to the island's higher inflation rate.