If you’re a renter in Jersey City, we salute you.
You’re paying the highest rent prices in the entire country, according to a report conducted by listings service Rent.com.
And you saw the third largest increase in rent prices, year over year, in the United State.
The average rent in Jersey City jumped from $3,308 in 2021 to $5,500 in 2022. That’s an increase of 66.25%.
Your neighbors in Hoboken also made the list of the Top 10 highest rents in the country, clocking in at No. 7 with an average rent bill of $4,264, which increased 21.46% from last year.
Rent.com came up with the 100 cities with the highest rent prices in the U.S. by looking at inventory for one- and two-bedroom multi-family units between June 2021 and June 2022. The website used a formula that took into account how many units were available for rent. Cities with populations of less than 50,000 were excluded.
Bayonne was the only other New Jersey city to make the list, at No. 34, with the average renter writing a monthly check for $3,101, up 13.65% from 2021.
The bulk of the U.S. cities with the highest rent were in the South and West. Only 13% of the most expensive cities were in the Northeast. And within that region, New Jersey ties with Massachusetts for most cities appearing in the Top 100, with three. New York and Pennsylvania each had two cities on the list.