It’s no secret that Hoboken + Jersey City are wonderful places to live — though if there’s one fallback, it’s that rents can be pretty steep in Hudson County. A recent list released by ApartmentGuide has stated that both Hoboken and Jersey City are among the top 15 most expensive cities for renters in the United States, with Jersey City coming in at number 3. Jersey City renters also experienced a more drastic rent increase this year than other parts of the country. This news goes along with another recent study by Rent.com that ranked Jersey City as the number 1 most expensive city to rent in. Read on to learn more about the latest data on high rent prices in Hoboken and Jersey City.
About the ApartmentGuide Study
After a recent Rent.com report came out listing Jersey City as the most expensive US city to rent in, yet another study has reported similar findings. The newest ranking, conducted by ApartmentGuide, listed Hoboken as the 15th most expensive city in the country — and Jersey City ranked at number 3. The average Hoboken rent was listed as $3,746 for a one bedroom, which is an increase of 26.05% from 2021. The average Jersey City rent for a one bedroom came in at a whopping $4,421 — which is a 51.60% increase when compared with 2021.
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To put this into context, though New York City unsurprisingly was listed as the most expensive city in the country, its rent increase was only 41.02%. Great Neck, Santa Monica, Glendale, Boston, and Palo Alto — all top 10 for most expensive cities — experienced increases between 9% and 41%. The only top 10 cities that beat out Jersey City with larger rent increases were Pflugerville, Texas (265.21%!) and Redmond, Washington (88.06%). Needless to say, it seems Jersey City renters definitely experienced a larger-than-average spike in their rents over the past year.
Interestingly, the study noted that there appears to be a similar trend with rents spiking in the areas surrounding notoriously-expensive cities. During the pandemic, more and more people have opted to flee expensive urban life in favor of other local (and often more suburban) areas. Hoboken and Jersey City are certainly in line with this data with more and more people choosing to leave NYC in favor of Hudson County. This was also the case with San Fransisco and the surrounding areas.
Other New Jersey spots that made the list were Edgewater (which came in at #28) and Princeton (which came in at #43).
In light of this news, as you’re managing your finances this year, here’s a list of where local residents choose to splurge + save money.