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

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


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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.

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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.

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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.

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“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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Scrap metal barge fire is under control, vessel moving to Camden

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Scrap metal barge fire is under control, vessel moving to Camden


Scrap metal burned for more than 24 hours

Firefighting efforts lasted more than 24 hours until Wednesday morning when thermal imagery showed the fire extinguished, according to the Coast Guard’s Petty Officer First Class Matthew West.

The Delaware Emergency Management Agency assisted the Coast Guard in its response.

“Multiple fire companies worked diligently to extinguish the fire, while state agencies and the U.S. Coast Guard coordinated resources to support response operations and minimize impacts to federal waterways, coastal communities, and the surrounding environment,” according to a statement by the Delaware Emergency Management Agency.

It remains unclear what exactly was burning or what was released into the atmosphere from the scrap metal, but it was likely “a very toxic mix,” according to Jane Clougherty, professor of environmental and occupational health at Drexel University.

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“Remember that because this is scrap metal, it’s from an earlier era, potentially, when a lot of lead was used, both in metals and in the paints on those metals,” Clougherty said.



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Heavy police presence prompts concern in South Jersey neighborhood

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Heavy police presence prompts concern in South Jersey neighborhood


MILLVILLE, N.J. (WPVI) — Residents in a Millville, New Jersey, neighborhood spent hours trying to understand what was happening after a New Jersey State Police helicopter circled overhead, and troopers eventually entered a home while searching for a suspect.

Video from a Ring camera shows state police and officers in tactical gear taking over the front porch of a home on the 100 block of Third Street.

Officers are heard speaking into a doorbell camera moments before entering the residence.

A woman who lives in the home and did not want to be identified said she was at work at the time of the incident, but her son was inside when police surrounded the house. She said her son later described the encounter to her.

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“My son was here, he was a little freaking out, they actually made him come out with his hands up and guns were drawn,” she said.

The woman said her son told her troopers explained they were pursuing someone on foot in the area.

“They just said they were on a foot pursuit and the guy was jumping the fences behind my house. A construction worker saw him go down my steps, but didn’t know where he went from there. That’s why they need to make sure everything is safe,” she said.

Nearby residents also noticed the heavy police activity.

Michele Brown of Bridgeton said she was walking her dogs when she saw officers in the area.

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“It was a lot I didn’t understand what was going on,” Brown said.

Brown said the scene was alarming for people nearby.

“Definitely startling cause you see all these cops with their guns out, and you’re just looking like, ‘Whoa’,” she said.

Action News reached out to New Jersey State Police for more information, but we did not receive a response.

In a statement, Millville police say the suspect was not apprehended after fleeing state police on foot.

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There is no suspected threat to the community, the department added.

Copyright © 2026 WPVI-TV. All Rights Reserved.



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Chemistry Class | DEVILS NOW | New Jersey Devils

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Chemistry Class | DEVILS NOW | New Jersey Devils


NewJerseyDevils.com is the official web site of the New Jersey Devils, a member team of the National Hockey League (“NHL”). NHL, the NHL Shield, the word mark and image of the Stanley Cup and NHL Conference logos are registered trademarks of the National Hockey League. All NHL logos and marks and NHL team logos and marks as well as all other proprietary materials depicted herein are the property of the NHL and the respective NHL teams and may not be reproduced without the prior written consent of NHL Enterprises, L.P. Copyright © 1999-2025 New Jersey Devils and the National Hockey League. All Rights Reserved.



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