Real Estate

Here’s where rents are rising the fastest in the New York area

New Yorkers may feel like the rent hikes never end, but it turns out that Newark, New Jersey residents are at the biggest disadvantage. 

Just a quick train ride from Lower Manhattan, Newark had the fastest-growing rent in the New York Metropolitan area in February, according to a recent New York Metro Area Report by the online rental marketplace Zumper. Median rents for one-bedrooms in the New Jersey transportation hub grew 16.7% year-over-year.

Newark had the fastest growing rent in the New York Metropolitan area in February. Savvapanf Photo ??? – stock.adobe.com
The Newark skyline. Rob Thomas – stock.adobe.com
Downtown Newark at dusk. Christopher Boswell – stock.adobe.com

Newark’s median rent increase was trailed by New York downstate metros White Plains and Newburgh, which logged 13.5% and 12.3% spikes, respectively. 

A significant year-over-year decrease in rental prices earned Bayonne, New Jersey a spot at the bottom of the list. The small city is just across the bay from Newark and only a stone’s throw from Staten Island, but median rent in Bayonne plummeted in February by 15.6% year-over-year. 

A one-bedroom in Bayonne, as of last month, will run you about $1,890.

Port Newark in Bayonne, New Jersey. Roman Babakin – stock.adobe.com
The Bayonne Bridge. Sherman Cahal – stock.adobe.com

While Newark and Bayonne are currently poles apart in annual rent growth, both cities were recently identified as the top two most affordable locations to buy a home near Manhattan.?

Upstate Kingston clocked in as the cheapest city in the metropolitan area for renters, with a median price of $1,500 for a one-bed — though Kingston is not located off a commuter rail line. The former state capital is closely followed by Bridgeport, Connecticut — which is — at $1,650 per month and Paterson, New Jersey at $1,730 per month.

New York City remains, as always, the priciest place to rent in the area. JEROME LABOUYRIE – stock.adobe.com

But the metropolitan area’s most expensive places to rent endure, unlikely to budge — NYC topped the median rent list at $4,330 for a one-bedroom, succeeded by New Jersey hotspots Hoboken, at $3,510, and Jersey City, at $3,050.

According to Zumper, you’re better off renting outside of those three cities. The median one-bedroom rent across the entire New York metropolitan area was just $2,486 in February.

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