Rentals Rising
- Increases in the Garden State were a bit higher than the national average, as monthly rents for all New Jersey homes went up 27% since last January.
- The average rent for New Jersey residents currently stands at $2,267/month
- The rental market has become a “predatory sector of profit-making,” said Staci Berger of the Housing and Community Development Network of New Jersey. New Jersey has the 6th highest rent in the country out of 56 states and territories
- Single-family rent prices continue to increase, up 13.4% from 2021
- The trajectory appears to have slightly flattened from earlier months in 2022
- The issue remains if this is a deceleration or a pause
- The job market added 528,000 positions in July, which returned the employment rate to its pre-pandemic level
- The cost of home ownership continues to rise significantly, forcing potential home buyers to rent
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.