If you’re searching for a place to rent in NJ, you’ve probably noticed that prices are through the roof. Your eyes aren’t deceiving you. New Jersey rent prices are undergoing record-high increases and are now the fourth most expensive in the nation. With inflation and fuel prices driving up the cost of living, rent increase is the last thing New Jerseyans want to hear.
Unfortunately, it doesn’t seem like New Jersey rent prices will drop anytime soon. A recent Rent.com survey found that the state experienced a 32.86 percent increase year-over-year in rent prices–well above the national average. And some areas of the state are worse than others: Jersey City experienced a whopping 44.5 percent increase in one-bedroom apartment prices. The city’s average two-bedroom apartment jumped from $2,210 to $3,061–a 38.54 percent increase in just one year. So why is the New Jersey rental market so insanely expensive right now?
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