North Jersey beats out NYC for the hottest rental market in the US

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RentCafe’s newest Rental Competitivity Report shows that, not New York City, but some of its suburbs have become the country’s most competitive rental markets.

As interest rates remain high to combat languishing inflation, warding off potential home buyers, the rental market has been very competitive.

The study found that those North Jersey areas — which comprise Jersey City, Hoboken, East Orange and Hackensack — are twice as competitive as Manhattan due to a drastic housing shortage.The US rental market competitivity at the start of 2023 compared to 1 year prior.The occupancy rate combined with a record 72% of renters choosing to renew their leases — and, on average, 12 people competing for one apartment — led to a Rental Competitivity Index rate of 67 at the start of 2023.

To calculate the competitive score, each metric was assigned a weight: average vacant days , occupied apartments , prospective renters , lease renewal rate , and share of new apartments .Housing in Brooklyn cannot keep up with the demand, the study notes. Newly opened apartments added just 0.3% to what was available on the market — and it wasn’t enough to lower the 96% occupancy rate.

 

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