Living in This New Jersey City is Somehow Even More Expensive than NYC
A New Jersey City was named the most expensive to rent in.
Ever since the pandemic began, the housing market has been a disaster. People are struggling to buy homes; often needing to put offers in over the asking price. It's definitely not a renter's market either.
For those hoping to live in NYC, the outside New Jersey cities have always been a more affordable option. I have many friends who work in NYC and took advantage of the lower rent in cities like Hoboken, Weehawken, and Jersey City. But the rent increase has made things out of control. As a renter myself, news like this is discouraging, to say the least.
In fact, many people are reporting that some of these places have become even more expensive than New York City to rent. One was named the most expensive US city for renters. I know New Jersey is expensive, but this is shocking.
Are there any laws against rent increases in NJ?
After seeing that an NJ city was named the most expensive for renters (more on that shortly), I was curious about whether or not there are any rent control laws in our state. Surprise, surprise - according to Property Club, NJ doesn't have any statewide laws governing rent increases, BUT different municipalities can set their own laws.
Which NJ city was named the most expensive for renters?
If you're hoping to move closer to NYC, you might want to stay away from Jersey City, as CBS News is reporting it's now the most expensive place to rent, and the average rent is $5,500 a month. That's more expensive than what people pay for a mortgage in some places.
I wish I had the answer to how to fix this situation. Owning a home is a dream of mine, but until I can do that, I'm stuck renting.
Hopefully, things take a turn for the better soon.