New York City has claimed much of the spotlight as rents reach records across the country, but some of the largest recent growth spurts lie just to the west.
Jersey City and West New York, a town on the north end of Hudson County, notched the highest increases in one-bedroom rents last month, according to data from rental listing service Zumper.
Rent in Jersey City shot up nearly 50 percent since the same period last year, just ahead of a 47 percent increase in West New York. New York City saw rents rise 34 percent in the same period.
Renting a one-bedroom grew six percent more costly in Jersey City and West New York last month, for an annual climb of more than 45 percent. The next largest increase was in Yonkers, where rents rose about 5 percent last month, although the price of a one-bedroom has fallen there since a year ago.
New York City remained the costliest place to live, with median rent hovering near the $4,000 per month mark. Hoboken was the next priciest, but still more than $1,000 less expensive per month than the city.
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The power in the markets around New York City is contrasted by a tick down in median rent for areas that lie further to the west and south.
The beachside locales of Long Branch and Long Beach marked the highest month-over-month decreases at 6 percent and 5 percent, respectively. The only other city where rents fell last month was Bayonne.
Those looking for deals should consider Newark, which marked the area’s cheapest rent last month. A one-bedroom in Newark fetched a median of $1,350 in September, for an annual increase of 8 percent.
The market led East Orange and Bridgeport in affordability, as the areas counted median rents of $1,500 and $1,560, respectively.