Zip codes with the fastest growing rent in New Jersey

Written by:
March 24, 2021
realtor.com

Zip codes with the fastest growing rent in New Jersey

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in New Jersey using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in New Jersey

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in New Jersey using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#30. 07928 (Chatham)

- 1 year rent change: +1.8%
--- #38 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +9.7%
- Typical rent: $2,366
--- 7.3% less than typical rent in New York, NY metro

- Pictured (for rent): 540-575 Main St, Chatham 07928 ($2,480)

#29. 07901 (Summit)

- 1 year rent change: +2.0%
--- #36 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +18.0%
- Typical rent: $2,354
--- 7.8% less than typical rent in New York, NY metro

- Pictured (for rent): 100 Summit Ave, Summit 07901 ($2,675)

#28. 07110 (Nutley)

- 1 year rent change: +2.1%
--- #34 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +14.3%
- Typical rent: $1,932
--- 24.3% less than typical rent in New York, NY metro

- Pictured (for rent): 181 Hancox Ave, Nutley 07110 ($1,745)

#27. 08876 (Somerville)

- 1 year rent change: +2.1%
--- #33 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +11.7%
- Typical rent: $2,202
--- 13.7% less than typical rent in New York, NY metro

- Pictured (for rent): 11 New St, Somerville 08876 ($1,975)

#26. 08053 (Marlton)

- 1 year rent change: +2.3%
--- #35 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +14.5%
- Typical rent: $1,821
--- 12.1% above typical rent in Philadelphia, PA metro

- Pictured (for rent): 322 Barton Run Blvd, Marlton 08053 ($1,718)

#25. 07042 (Montclair)

- 1 year rent change: +2.5%
--- #32 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +16.7%
- Typical rent: $1,952
--- 23.5% less than typical rent in New York, NY metro

- Pictured (for rent): 188 Claremont Ave, Montclair 07042 ($2,200)

#24. 08536 (Plainsboro)

- 1 year rent change: +2.7%
--- #31 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +12.1%
- Typical rent: $1,680
--- 34.2% less than typical rent in New York, NY metro

- Pictured (for rent): 2005 Quail Ridge Dr, Plainsboro 08536 ($2,034)

#23. 08852 (Monmouth Junction)

- 1 year rent change: +2.8%
--- #30 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +10.6%
- Typical rent: $2,001
--- 21.6% less than typical rent in New York, NY metro

- Pictured (for rent): 701 Royal Oaks Ct, Monmouth Junction 08852 ($2,039)

#22. 07002 (Bayonne)

- 1 year rent change: +2.9%
--- #29 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +20.9%
- Typical rent: $1,740
--- 31.8% less than typical rent in New York, NY metro

- Pictured (for rent): 957-965 Broadway, Bayonne 07002 ($3,035)

#21. 07083 (Union)

- 1 year rent change: +2.9%
--- #28 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +13.3%
- Typical rent: $2,202
--- 13.7% less than typical rent in New York, NY metro

- Pictured (for rent): 2 Vermella Way, Union 07083 ($3,260)

#20. 08854 (Piscataway)

- 1 year rent change: +3.1%
--- #26 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +11.6%
- Typical rent: $2,119
--- 17.0% less than typical rent in New York, NY metro

- Pictured (for rent): 3060 New Brunswick Ave, Piscataway 08854 ($1,815)

#19. 07950 (Morris Plains)

- 1 year rent change: +3.4%
--- #24 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +13.3%
- Typical rent: $2,646
--- 3.7% above typical rent in New York, NY metro

- Pictured (for rent): 2110 Gates Ct, Morris Plains 07950 ($2,925)

#18. 08902 (North Brunswick)

- 1 year rent change: +3.8%
--- #23 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +12.1%
- Typical rent: $1,949
--- 23.6% less than typical rent in New York, NY metro

- Pictured (for rent): 1470 Oak Tree Dr, North Brunswick 08902 ($1,859)

#17. 08012 (Blackwood)

- 1 year rent change: +3.9%
--- #25 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +14.4%
- Typical rent: $1,607
--- 1.0% less than typical rent in Philadelphia, PA metro

- Pictured (for rent): 1501 Little Gloucester Rd, Blackwood 08012 ($1,510)

#16. 07013 (Clifton)

- 1 year rent change: +3.9%
--- #20 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +16.2%
- Typical rent: $2,078
--- 18.6% less than typical rent in New York, NY metro

- Pictured (for rent): 773 Van Houten Ave, Clifton 07013 ($1,795)

#15. 08054 (Mount Laurel)

- 1 year rent change: +4.7%
--- #17 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +13.8%
- Typical rent: $1,813
--- 11.6% above typical rent in Philadelphia, PA metro

- Pictured (for rent): 12000 Knox Way, Mount Laurel 08054 ($2,440)

#14. 08817 (Edison)

- 1 year rent change: +4.7%
--- #15 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +12.2%
- Typical rent: $1,763
--- 30.9% less than typical rent in New York, NY metro

- Pictured (for rent): 2100 Hana Rd, Edison 08817 ($2,000)

#13. 07104 (Newark)

- 1 year rent change: +5.0%
--- #14 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +40.1%
- Typical rent: $1,346
--- 47.3% less than typical rent in New York, NY metro

- Pictured (for rent): 2 Spring St, Newark 07104 ($2,200)

#12. 07304 (Jersey City)

- 1 year rent change: +5.1%
--- #13 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +25.2%
- Typical rent: $1,717
--- 32.7% less than typical rent in New York, NY metro

- Pictured (for rent): 20 Beacon Way, Jersey City 07304 ($5,152)

#11. 07410 (Fair Lawn)

- 1 year rent change: +5.4%
--- #12 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +16.9%
- Typical rent: $2,541
--- 0.4% less than typical rent in New York, NY metro

- Pictured (for rent): 5 Promenade Blvd, Fair Lawn 07410 ($3,970)

#10. 08081 (Sicklerville)

- 1 year rent change: +5.6%
--- #14 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +17.9%
- Typical rent: $1,558
--- 4.1% less than typical rent in Philadelphia, PA metro

- Pictured (for rent): 10 Powell Dr, Sicklerville 08081 ($1,275)

#9. 08033 (Haddonfield)

- 1 year rent change: +5.7%
--- #13 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +22.4%
- Typical rent: $1,517
--- 6.6% less than typical rent in Philadelphia, PA metro

- Pictured (for rent): 25-27 Chestnut St, Haddonfield 08033 ($1,735)

#8. 07921 (Bedminster)

- 1 year rent change: +6.2%
--- #11 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +12.8%
- Typical rent: $2,085
--- 18.3% less than typical rent in New York, NY metro

- Pictured (for rent): Hyde Ct Unit 48, Bedminster 07921 ($1,800)

#7. 07726 (Englishtown)

- 1 year rent change: +6.3%
--- #9 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +17.6%
- Typical rent: $1,934
--- 24.2% less than typical rent in New York, NY metro

- Pictured (for rent): 21 Lasatta Ave, Englishtown 07726 ($1,800)

#6. 08723 (Brick)

- 1 year rent change: +6.3%
--- #8 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +22.4%
- Typical rent: $1,828
--- 28.4% less than typical rent in New York, NY metro

- Pictured (for rent): 137 Brick Blvd, Brick 08723 ($2,295)

#5. 08002 (Cherry Hill)

- 1 year rent change: +6.5%
--- #10 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +15.0%
- Typical rent: $1,614
--- 0.6% less than typical rent in Philadelphia, PA metro

- Pictured (for rent): 2145 Route 38 E, Cherry Hill 08002 ($2,140)

#4. 08028 (Glassboro)

- 1 year rent change: +6.6%
--- #9 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +15.1%
- Typical rent: $2,237
--- 37.7% above typical rent in Philadelphia, PA metro

- Pictured (for rent): 515 Mullica Hill Rd, Glassboro 08028 ($1,439)

#3. 08021 (Clementon)

- 1 year rent change: +7.0%
--- #7 fastest growing rent among zip codes in Philadelphia, PA metro
- 5 year rent change: +24.1%
- Typical rent: $1,214
--- 25.2% less than typical rent in Philadelphia, PA metro

- Pictured (for rent): 320 W Branch Ave, Pine Hill 08021 ($1,411)

#2. 08724 (Brick)

- 1 year rent change: +7.1%
--- #7 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +24.9%
- Typical rent: $1,734
--- 32.1% less than typical rent in New York, NY metro

- Pictured (for rent): 370 Kentwood Blvd, Brick 08724 ($1,575)

#1. 07701 (Red Bank)

- 1 year rent change: +9.8%
--- #4 fastest growing rent among zip codes in New York, NY metro
- 5 year rent change: +22.3%
- Typical rent: $2,185
--- 14.4% less than typical rent in New York, NY metro

- Pictured (for rent): 92 Drs James Parker Blvd, Red Bank 07701 ($2,595)

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