Envy by Gomes
58-84 Norfolk St,
Newark, NJ 07103
1-2 Beds | $1,995 - $2,400
Rental Market Trends in Newark, NJ
What is the average rent in Newark, NJ?
$1,494/month
Average Rent
609 Sq Ft
Average Apartment Size
+0.7%
Increase in the Last Year
As of December 2024, the average rent in Newark, NJ is $1,494 per month. For comparison, the national average rent price in the US is currently $1,560/month, which means Newark rent prices are 4% lower than the national average. When you rent an apartment in Newark, you can expect to pay about $1,313 per month for a studio, $1,494 for a one-bedroom apartment, and around $1,914 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,012 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Newark, NJ?
In the past year, rent has increased by 0.7%, which averages out to $12 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Newark, NJ
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
19%
$700 - $1,000/month
36%
$1,001 - $1,500/month
18%
$1,501 - $2,000/month
26%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Newark?
Based on current rent prices, Upper Vailsburg, Lower Roseville and Weequahic are the most affordable neighborhoods in Newark.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Newark?
Based on current rent prices, North Ironbound, Downtown Newark and Seventh Avenue are the most expensive neighborhoods in Newark.
Neighborhood
Average Rent
Average Sq Ft
Which Newark neighborhoods have the most rentals available?
The neighborhoods in Newark with the most apartments available are Greater Newark, Downtown Newark and North Ironbound .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Newark, NJ?
Because the average rent in Newark is $1,494, you’ll want to make about $4,980 per month or $59,760 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Newark, NJ compare to other nearby cities and neighborhoods?
Use the tool below to compare Newark, NJ to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$754/month
$2,213/month
One Bedroom
$848/month
$2,353/month
Two Bedroom
$1,005/month
$2,713/month
Three Bedroom
$1,105/month
$3,224/month
Nearby City Rent Trends
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Property Management Companies in Newark, NJ
Bozzuto
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353
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108,640
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151
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4 Communities in Newark
Russo Development
-
14
Communities
-
4,842
Units
-
11
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4 Communities in Newark
BNE Real Estate Group
-
17
Communities
-
4,009
Units
-
14
Cities
3 Communities in Newark
Ironstate Development Company
-
23
Communities
-
5,839
Units
-
7
Cities
3 Communities in Newark
JP Management
-
12
Communities
-
2,475
Units
-
10
Cities
2 Communities in Newark
Greystar
-
3,191
Communities
-
884,840
Units
-
829
Cities
1 Community in Newark
Cushman & Wakefield
-
550
Communities
-
135,507
Units
-
276
Cities
1 Community in Newark
AION Management
-
60
Communities
-
19,457
Units
-
38
Cities
1 Community in Newark
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.