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This NJ city has been named U.S.'s most expensive for renters

By FOX 5 NY STAFF
Updated  August 1, 2022 5:27am EDT
Housing
FOX 5 NY

NYC rents shoot up

After offering deep discounts and incentives at the height of the pandemic, now New York City landlords are jacking up rents, pushing out many tenants.

NEW JERSEY - When it comes to sky-high rents, much of the focus is, understandably, on New York City, but it might surprise you to find out that the nation's highest rents are actually just across the Hudson River.

According to a report by Rent.com, Jersey City actually has the highest rent in the United States, with the average monthly rent skyrocketing from $3,308 in 2021 to an eye-watering $5,500 in 2022, a 66.25% increase. 

For comparison, the average apartment rent in Manhattan in June 2022 was $5,058.

RELATED: NYC rents shoot up, pushing out tenants who signed pandemic deals

Jersey City is followed by Boston, where the average rent is $4,878 and Palo Alto, where the average rent is $4,672

Jersey City wasn't the only city in the Garden State to make the top 10, with Hoboken making an appearance at number 7 with renters facing an average rent of $4,264.

According to the annual "Out of Reach" rankings by the National Low Income Housing Coalition, New Jersey is the seventh most expensive state in the nation for renters, as a resident working a $13/hour minimum wage job would need to work 80 hours a week to afford a one-bedroom apartment without spending over a third of their income on rent.