The COVID-19 pandemic has had a significant impact on the cost of rent, both in New Jersey and nationwide. According to QuoteWizard, an online insurance brokerage that lets users compare rates and offerings, rent for a one-bedroom apartment in the Garden State spiked an average 16% since January 2021. That pushes rent to $1,474 a month.
New Jersey’s average rent increases track the nationwide trend: Rates also jumped 16% nationally.
New Jersey has a justified reputation as a high-rent state. But in the Zoom-centric new normal, living close to work may no longer be necessary. A one-bedroom apartment in North Dakota averages $669 a month, up a mere 1% in the past year.