The rental market in Newark, NJ is an attractive one for those looking to find a place to live. Located in Essex County, Newark is the largest city in New Jersey, and has a population of over 280,000 people.
Newark is home to many of the best schools in the area, such as Rutgers University, Seton Hall University, and the Newark Arts High School. Rutgers University is the oldest university in the state and it is located in the University Heights neighborhood. Seton Hall University is a private Catholic school that is located in the Ironbound district. Newark Arts High School is the only arts high school in the city and is located in the Central Ward.
Some of the most desirable neighborhoods in Newark for renters include the Ironbound, University Heights, Forest Hill, and the Central Ward. The Ironbound district is known for its vibrant Portuguese-American culture and is close to many restaurants, shops, and nightlife options. University Heights is home to many college students and young professionals, and is close to Rutgers University. Forest Hill is a more affluent area with many single-family homes, and the Central Ward is home to the Newark Arts High School and is a great place to find affordable apartments.
The average price
The average rental prices for an apartment, townhouse, condo, loft, and single family home in Newark, NJ are as follows:
Apartment: $1,523
Townhouse: $1,837
Condo: $2,053
Loft: $1,737
Single Family Home: $2,451
Rental prices in Newark, NJ have seen a notable uptick over the past five years. According to Zillow, the median rent price in Newark in April 2016 was $1,476, while in April 2021 it had increased to $1,819, a 23.3% increase. This is significantly higher than the national average increase of 9.7% over the same five-year period. Additionally, one-bedroom apartment rental prices in Newark have risen from $1,293 in April 2016 to $1,630 in April 2021, a 25.3% increase. This is also higher than the national average increase of 10.9% over the same five-year period.
The median rental price for 1-bedroom apartments in Newark, NJ is $1,347, for 2-bedroom apartments it is $1,650, and for 3-bedroom apartments it is $1,950.
School districts in Newark, NJ compare favorably to the rest of the United States. Newark Public Schools (NPS) is the largest school district in the state of New Jersey and the 34th largest in the country, serving over 38,000 students in pre-K-12. Newark Public Schools has a graduation rate of 84.7% which is higher than the national average of 82.3%. The district also has a higher percentage of students who are proficient in math and reading, with 57% and 54% respectively, compared to the national average of 39.8% and 39.7%. Additionally, Newark Public Schools has some of the highest graduation requirements in the country, with all students needing to pass a test in order to graduate.
1. Ironbound
2. Downtown
3. Upper Roseville
4. Forest Hill
5. North Ironbound
1. Forest Hill
2. Vailsburg
3. Silver Lake
4. Weequahic
5. North Ironbound