real estate

Where Have Rent Prices Spiked the Most? It's Not NYC, But Jersey City

NBC Universal, Inc.

New York City may still have the most expensive apartments in the tri-state, but where have prices gone up the most recently? You have to look across the Hudson River for that one.

According to online rental platform Zumper, the area that has seen the biggest spike in the average cost of a one-bedroom apartment from 2022 to now is Jersey City. The average price of rent for a one-bedroom apartment in the city across from lower Manhattan is now $2,990.

While that is still less than NYC, where the same-sized apartment goes for $3,370 per month on average, the cost of Jersey City apartments has skyrocketed by 33.5 percent year over year, Zumper found. Meanwhile, NYC's average rent has gone up just 3 percent from 2022.

White Plains was the third-most expensive city to rent in, according to Zumper, which said that the average rent for a one-bedroom in the Westchester County city was $2,670.

Other cities that have seen big spikes in rent costs include West New York (where rent is up 26.7 percent from 2022) and Stamford, Connecticut (up 24 percent), Zumper found. From month to month, Union City, Secaucus and Poughkeepsie each have seen increases of 4.6 percent or higher.

Within Manhattan (and across the city) there are pricier neighborhoods than others -- not just when it comes to rent, but when it comes to property ownership.

So where can the deals be found? Look a bit further away from NYC. Newburgh, in New York's Orange County, and the New Jersey city of East Orange were tied for having the most affordable average rents, both coming in at $1,480 a month. Bridgeport, Connecticut and Newark were just a tick above that level.

Here's a look at the cost of rent for a one-bedroom apartment in 20 cities in the NYC area, and how much that has gone up or down since 2022:

CityRent for 1BRChange from 2022Change from March 2023Rent for 2BRChange from 2022Change from March 2023
NYC$3,3703.4%-5.1%$3,82013.0%-4.5%
Jersey City$2,99033.5%0.3%$3,33042.3%0.9%
White Plains$2,670-3.3%-1.1%$3,770-6.9%-6.0%
Fort Lee$2,4401.7%-6.2%$3,160-8.1%-4.2%
Stamford$2,38024.0%-1.2%$3,28017.1%0.6%
Long Beach$2,3005.0%0.0%$3,2002.2%3.9%
Long Branch$2,300-2.1%3.1%$3,380-4.2%5.0%
West New York$2,23026.7%-5.9%$2,89020.4%-5.9%
Secaucus$2,1700.9%4.8%$3,35015.1%6.0%
Elizabeth$2,1205.0%3.9%$2,3301.3%-1.3%
Norwalk$2,1004.0%1.0%$2,88015.2%5.9%
Yonkers$1,950-14.8%2.6%$2,6300.0%5.2%
Bayonne$1,81013.1%-6.2%$2,25028.6%-5.9%
Poughkeepsie$1,8104.0%4.6%$2,32029.6%5.9%
Union City$1,70015.6%4.9%$2,0201.0%5.8%
Kingston$1,5504.0%-2.5%$1,7000.0%-3.4%
Newark$1,50011.9%3.4%$1,7507.4%-2.8%
Bridgeport$1,490-2.6%-2.6%$1,740-0.6%2.4%
East Orange$1,480-0.7%-0.7%$1,8601.6%1.6%
Newburgh$1,4803.5%3.5%$1,820-9.0%-6.2%
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