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 December, the average price per sq.feet was $2.33. In January the price barely changed remaining at $2.39 per sq.feet. The following two months (February, March) went through a fall of 93 % in the rent price per sq.feet with regard to the previous two. In the last two months, the price per sq.feet has had a significant rise of 1246 %. This has been obtained by comparing the price of $2.28 for the first four months of the sample with regard to the previous 4 months and the price of $28.43 per sq.feet for the last two months (April, May).
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 December the average price is $2,099. In January the price remains at $2,071. In the following two months the average price practically remained the same compared to the previous two going from $2,085 to $1,991. During the last two months the average price has not gone through any changes and has gone from $2,038 to $2,034.5 during April and May.
The graph displaying the the average rent price per number of bedrooms shows that those with 1 bedroom are the most expensive ones. They are 9 % more costly than the average price in New Jersey followed by those properties with 2 with an average price of $2,271. The most expensive properties have 4 bedrooms. They are 47 % more expensive than the average followed by those properties with 3 bedrooms priced at $2,300.
Based on the average price per sq.feet those properties with 1 bedroom are the most affordable ones with a price of $6.19 / sq.feet being $54.47 / sq.feet the average for New Jersey. The properties with the highest average price are those with 4 bedrooms. These are 900 % more expensive than the average followed by those with 3 bedrooms with a price of $115.26 / sq.feet.
The graph displaying the average rent price according to the property type shows "Land" as the most affordable one. With an average cost of $1,966 it is 35 % cheaper than the average in New Jersey. This is followed by "Apartment" with a cost of $1,922. The most expensive property type is "House" and is 15 % more costly than the average, followed by "Townhouse" with a cost of $2,209.
Based upon the average cost per sq.feet the most affordable property type is "Land with a an average price of $1 / sq.feet, followed by "House" with a price of $2.68 / sq.feet. "Condo" with an average price of $364.42 / sq.feet is the most expensive type of property followed by "Townhouse" at a price of $191.7 / sq.feet.