New Jersey

Here’s what rent prices look like in NJ, and the US, at the start of 2024

Published

2 years ago

March 4, 2024

Here’s what rent prices look like in NJ, and the US, at the start of 2024

As home prices have continued to soar and mortgage rates remain high, many would-be first-time buyers are opting to stay in the rental market longer.

This might be the more doable financial option for many — with median rent prices continuing to decline across the nation for the sixth month in a row −— but those living in the Northeast have experienced consistent price increases in comparison, according to Realtor.com’s January 2024 Rental Report.

What do rent prices look like across the country?

In the country’s 50 largest metropolitan areas, median rent prices were approximately $1,721 in January, a 0.3% decrease from the same time last year.

This is a slower decrease compared to the 0.8% year-over-year decrease seen in December 2023, and median asking rents nationwide are still about $265 more than those seen before the pandemic in 2020.

Studio units have seen the largest rent declines across the country, with prices decreasing by 1% compared to January 2024 and with median asking rents of $1,434. These prices are down by $56 from its peak in October 2022, but $153 higher than before the pandemic.

Two-bedroom rentals have seen the second largest rent decline at 6%, with median asking rents of $1,892. In comparison, one-bedroom rentals have seen a 0.1% increase in prices compared to January 2023, with median asking rents of $1,591.

How do rental prices in New Jersey compare?

Compared to big Western rental markets like Phoenix, Riverside and Las Vegas — which all saw rent prices decline for eight months before seeing their first year-over-year price growth in January 2024 — the New York metropolitan area has experienced faster rent growth.

This region — which includes the North Jersey counties of Hudson, Bergen, Passaic, Morris, Essex and Sussex — has median rents of $2,844. This is 2.3% more than median rent prices seen in our area this time last year.

The report credits the steady increase in rent prices in our area to expensive home prices and high mortgage rates are keeping buyers in the rental market, boosting demand and putting pressure on rents in popular areas.

A strong labor market and the slowing growth of new multi-family homes is also said to play a role in increasing prices.

“Consequently, the stronger labor market in the Northeast is likely contributing to an increased demand for rentals, rendering it more competitive compared to the rental market in the West,” according to the report.

“Although both regions saw record-high new multi-family starts in 2022, we expect a significant portion of 2022 starts in the Northeast to be completed in 2024,” the report reads.

How were these finding compiled?

Realtor.com analyzed rental data for studio, one-bedroom and two-bedroom units advertised as for-rent on their site as of January 2024. Rental units include apartments and private rentals such as condos, townhomes and single-family homes.

Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.

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New Jersey

Isolated snow showers, wind gusts up to 35 mph in N.J. forecast for Sunday

Published

1 hour ago

January 10, 2026

Press Room

Isolated snow showers, wind gusts up to 35 mph in N.J. forecast for Sunday

Rain will continue through tonight across New Jersey before a cold front passes through Sunday morning, followed by wind gusts up to 35 mph and the chance of isolated snow showers.

The heaviest rain tonight is expected along the southern portions of the state where 1 and 1.5 inches rainfall totals are possible, according to the National Weather Service.

Most other areas of New Jersey should receive around 1 inch of rain, with the northwest portions of the state picking up 0.5 to 0.75 inches.

Heavy rain is expected to soak New Jersey through most of Saturday with rainfall totals up to 1.5 inches expected in the southern half of the state.National Weather Service

Once the rain ends between 6 and 9 a.m. Sunday, conditions should remain cloudy and foggy until a cold front passes through late Sunday morning into early Sunday afternoon.

Temperatures will drop into the upper 30s to low 40s Sunday morning as cold air moves in behind the first cold front.

A secondary cold front will cross New Jersey late Sunday afternoon accompanied by a period of rain and snow showers.

The isolated snow showers are possible mainly from 7 to 11 p.m., the weather service said. Snow accumulations are not expected in New Jersey.

Winds of 15 to 20 mph on Sunday afternoon are expected to increase to 25 to 35 mph by sunset.

Monday’s forecast calls for mainly clear skies with temperatures in the upper 30s to low 40s and winds gradually diminishing.

Tuesday will be milder with above-normal temperatures and mainly clear to partly cloudy skies, with a slight chance of some rain showers possible.

Wednesday’s temperatures will remain above normal with partly cloudy skies and a slight chance of rain showers as a cold front approaches from the west.

N.J. weather: Snow from costal winter storm possible next week — Forecasters are tracking the potential for a coastal storm that could bring snow to New Jersey late next week, or veer out to sea.AccuWeather.com

A potential coastal storm could impact New Jersey with snow on Thursday and Friday, though significant uncertainty remains regarding the exact track and timing of the system, the weather service said.

Some forecast models suggest a significant winter storm while others indicate the system will remain offshore.

A colder air mass is forecast to move into New Jersey by late next week and into the following weekend.

Current weather radar

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New Jersey

NJ officers surprised with Eagles playoffs tickets for saving boy who fell through ice

Published

13 hours ago

January 10, 2026

Press Room

NJ officers surprised with Eagles playoffs tickets for saving boy who fell through ice

Officers in Gloucester County, New Jersey, got a big surprise on Friday morning.

A representative from Dunkin’ gave them free tickets to this weekend’s Eagles playoff game as a huge thank you for their courageous actions last weekend.

It was a tense scene in Woolwich Township when officers used ropes and went into a frozen body of water to save a child who had fallen through the ice.

“As soon as he started screaming that he couldn’t feel his hands, I just went out there and tried to go get him,” Sgt. Joseph Rieger said. “Immediately thought of my own son and what I would have done with my own son- just go out and get him as soon as I could.”

The boy was screaming and was not able to grab onto the rope that the officers had thrown to him.

“I try to get him the rescue rope but he can’t hold it because his hands aren’t working. So I go to grab him out of the awter and we both go into the water. So I was able to stand up and throw him on top of the ice and start breaking my way back,” Rieger explained.

The team was able to get the 13-year-old out of the frozen water with no one getting hurt.

Then, Dunkin’ showed up to the police department for Law Enforcement Appreciation Day and praised their actions by giving them tickets to Sunday’s Eagles playoff game against the 49ers.

“This is my job. It was what I signed up to do so getting this kind of attention, I’m not used to it. I’m very appreciative and very excited,” Rieger said.

The officers said that if there’s anything to take away from this story, it’s to stay off of the ice.

Thankfully, the boy they saved is doing just fine and stopped by the police department earlier this week to thank them.

“It was awesome. It was nice to see that he was safe. He learned his lesson. He was very appreciative,” Rieger said.

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