Average Rent in Newark, NJ↑ Rents rising 1.3% YoY

Newark, NJ has rental prices ranging from $1,637/month to $3,188/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,850/month — 32% above the national average of $1,400/month. With a median household income of $97,334/year, spending $1,850/month on a 1-bedroom represents 23% of gross income — within the recommended 30% threshold.

How Newark Compares

With an average 2-bedroom rent of $2,233/month, Newark ranks #6 most expensive of the 11 cities tracked in New Jersey — pricier than 98% of all US cities in our data.

The Newark Rental Market

The Newark, NJ area has a population of about 19,756,722 and 49% of households renting rather than owning. That renter share runs above the US average of ~34%, pointing to a competitive rental market where vacancies clear quickly and rents are less negotiable.

Rent Trends

2-bedroom rents in Newark, NJ have risen by $28/month (1.3%) over the past year, from $2,205 to $2,233. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Newark, NJ without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $74,000. The local median household income of $97,334 exceeds that threshold by $23,334, making Newark relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Newark, NJ is $480,494, giving a price-to-rent ratio of 17.9. With a break-even horizon of approximately 18 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Newark's neighborhoods. Among the highest-value areas are Springfield-Belmont ($344,820 median home value), Central Business District ($349,286 median home value), University Heights ($365,160 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Newark, NJ Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Newark?

Break-even analysis and mortgage estimates based on local market data.

Living in Newark

Cost of living, job market, crime rates, and moving cost estimates.