The Average Rent in New Jersey

New Jersey's rental prices are 73 percent above the national average

At 1,184 inhabitants per square mile as of July 2009, New Jersey ranks No. 1 among all states in terms of population density, according to the U.S. Census Bureau. This factor and the proximity of the state to New York have a significant impact on rent prices.

Rent Prices

As of October 2010, the average apartment price in New Jersey was just less than $900 per month, according to Apartment Search. In Newark, a one-bedroom apartment rented for an average of $1,100, while average rents in Jersey City topped the $2,000 mark.

Expensive State to Live

New Jersey has one of the highest costs of living in the country, with 2010 cost-of-living figures averaging 32 percent more than the national average. Average housing costs in 2010 were 73 percent above the national average, according to the Viva Group.

Second-Wealthiest State

Despite the existence of more than 1 million acres of farmland, New Jersey is primarily an industrial state, ranked as the second-wealthiest state in the country with nine counties ranking among the top 1,000 wealthiest in America, according to Apartment Search.

Population Concentration

New Jersey's 9 million inhabitants, as of 2009, are mostly concentrated in the northwest region, where many commute to work in New York, and the south, where many commute to Philadelphia.

References

• U.S. Census Bureau: Population Density by State (July 2009)
• Rent, by the Viva Group: New Jersey Statistics
• Apartment Search: New Jersey Apartments for Rent