Jersey City Rents Drop 16.7% Year-Over-Year, Remain in Top Five Nationally

Rents in Jersey City remain among the highest in the country, but new data from rental marketplace Zumper shows they may finally be easing.

According to Zumper’s latest National Rent Report, Jersey City ranked as the fourth most expensive rental market in the U.S. this month, with the median cost of a one-bedroom apartment at $2,740 and a two-bedroom at $3,030. While still steep, those numbers represent a 16.7% year-over-year drop in one-bedroom rents and mark a continuing downward trend that began earlier this year.

Back in February, Jersey City held the No. 3 spot on Zumper’s list, with one-bedrooms renting for $3,050 and two-bedrooms for $3,340. Both prices had already fallen from January’s numbers, with one-bedrooms dropping 5.9% month-over-month and two-bedrooms sliding 6.1%.

Zumper points to a key factor behind the shift: a surge in new apartment construction. Jersey City has led the New York metro area in new rental development and ranked third nationwide for new units added in 2024. As these new apartments flood the market, competition among property owners has intensified, putting pressure on landlords to lower prices and focus on lease renewals over aggressive pricing.