The average rent price in the New Jersey region has had an strong rise in recent months. There has been a strong rise in the rent prices in this region.
The price per sq.feet in New Jersey has risen considerably in the last 6 months. During May, the average price per sq.feet was $3.87. The following month (June) the price had a considerable rise reaching $7.54 per sq.feet. In the following two months (July, August) the rent price per sq.feet has increased notably to a 129 %. In the last two months, the price per sq.feet has had a significant fall of 32 %. This has been obtained by comparing the price of $6.53 for the first four months of the sample with regard to the previous 4 months and the price of $2.08 per sq.feet for the last two months (September, October).
When referring to the price in New Jersey(region), there have hardly been any changes in the last 6 months. In the first month sample May the average price is $2,056. In June the price remains at $2,130. The average price for the following two months (July, August) rose from $2,093 to $2,235.5. During the last two months the price has gone down 93 % compared to the previous average values going from $2,164.25 a $2,022 in September y October.
The graph displaying the the average rent price per number of bedrooms shows that those with 1 bedroom are the most affordable ones. They are 7 % cheaper than the average price in New Jersey followed by those with 2 with an average price of $2,258. The most expensive properties have 4 bedrooms. They are 51 % more expensive than the average followed by those properties with 3 bedrooms priced at $2,281.
Based on the average price per sq.feet those properties with 2 bedrooms are the most affordable ones with a price of $2.11 / sq.feet being $2.13 / sq.feet the average for New Jersey. The properties with the highest average price are those with 4 bedrooms. These are 143 % more expensive than the average followed by those with 3 bedrooms with a price of $4.41 / sq.feet.
The graph displaying the average rent price according to the property type shows "Office" as the most affordable one. With an average cost of $1,970 it is 34 % cheaper than the average in New Jersey. This is followed by "House" with a cost of $1,972. The most expensive property type is "Commercial" and is 75 % more costly than the average, followed by "Townhouse" with a cost of $2,185.
Based upon the average cost per sq.feet the most affordable property type is "Office with a an average price of $1.46 / sq.feet, followed by "Condo" with a price of $1.67 / sq.feet. "House" with an average price of $2.26 / sq.feet is the most expensive type of property followed by "Commercial" at a price of $2.23 / sq.feet.