Cape May County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Cape May County NJ was $1,286 in 2019 according to the Census ACS survey.1 Average gross rent in Cape May County was $1,126 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Cape May County median and average rent data will be released in September of 2021.
Data is also available below for Cape May County rental vacancy rates, Cape May County rent as a percent of median income and the fraction of renters in Cape May County.
Real Gross Rent in Cape May County New Jersey (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Jersey Median Gross Rent | $1,376 | +1.18% | +5.60% |
| Cape May County NJ Median Gross Rent | $1,286 | +14.11% | +15.54% |
Cape May County NJ Real Gross Rent Trends
At $1,286, real median gross rent in Cape May County was at its highest level in 2019 since the series began in 2005. Average gross rent for Cape May County peaked in real terms in 2007 at $1,188 and is now $62 (5.22%) lower.
Real Gross Rent: Cape May County NJ Median, Cape May County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Cape May County
| Date | US Median |
New Jersey Median |
Cape May County NJ Median |
Cape May County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,286 | $1,126 |
| 2018 | $1,077 | $1,360 | $1,127 | $1,087 |
| 2017 | $1,043 | $1,324 | $1,098 | $1,073 |
| 2016 | $1,027 | $1,303 | $1,113 | $998 |
| 2015 | $1,017 | $1,288 | $1,137 | $1,060 |
| 2014 | $986 | $1,269 | $1,160 | $1,044 |
| 2013 | $953 | $1,233 | $1,052 | $980 |
| 2012 | $940 | $1,221 | $1,041 | $1,005 |
| 2011 | $941 | $1,226 | $1,073 | $994 |
| 2010 | $955 | $1,245 | $1,125 | $1,085 |
| 2009 | $960 | $1,263 | $1,014 | $920 |
| 2007 | $927 | $1,205 | $1,236 | $1,188 |
| 2005 | $910 | $1,169 | $1,096 | $891 |
Cape May County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Cape May County New Jersey was 37.12% according to Census ACS data.
Rental Vacancy Rate in Cape May County New Jersey
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Jersey | 4.23% | -0.19% | -0.79% |
| Cape May County NJ | 37.12% | -0.79% | -1.56% |
Trends in Cape May County NJ Rental Vacancy Rate
The rental vacancy rate in Cape May County peaked in 2014 at 39.41%. Since then it has fallen by 2.29% to 37.12%. Data records for this series originated in 2005.
Rental Vacancy Rate: Cape May County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Cape May County
| Date | US | New Jersey | Cape May County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 37.12% |
| 2018 | 6.15% | 4.42% | 37.91% |
| 2017 | 6.18% | 4.45% | 34.38% |
| 2016 | 5.89% | 5.02% | 38.68% |
| 2015 | 5.85% | 5.65% | 35.82% |
| 2014 | 6.32% | 6.09% | 39.41% |
| 2013 | 6.49% | 6.18% | 35.91% |
| 2012 | 6.77% | 5.96% | 19.18% |
| 2011 | 7.40% | 6.99% | 6.03% |
| 2010 | 8.17% | 7.51% | 10.09% |
| 2009 | 8.43% | 7.59% | 4.91% |
| 2007 | 7.87% | 6.30% | 11.87% |
| 2005 | 7.74% | 6.43% | 15.06% |
Rent as a Fraction of Income
Using median household income data for Cape May County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cape May County, median monthly gross rent as a fraction of median household income was 22.05% in 2019 according to the ACS.
Cape May County New Jersey Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Jersey | 19.26% | -0.36% | -0.35% |
| Cape May County NJ | 22.05% | +2.23% | +1.66% |
Trends in Cape May County NJ Rent as a Fraction of Income
The fraction of median Cape May County household income required to pay median monthly gross rent peaked in 2007 (relative to the 2005 series origin) at 24.28%. Since then it has fallen by 2.23% to 22.05%. From a 2017 low of 19.09%, the fraction of income going to rent has increased by 2.96%.
Fraction of Income towards Rent: Cape May County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Cape May County New Jersey
| Date | US | New Jersey | Cape May County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 22.05% |
| 2018 | 20.50% | 19.61% | 19.82% |
| 2017 | 20.13% | 19.24% | 19.09% |
| 2016 | 20.43% | 19.61% | 20.39% |
| 2015 | 20.63% | 20.17% | 22.52% |
| 2014 | 20.89% | 20.06% | 23.18% |
| 2013 | 20.78% | 20.03% | 19.80% |
| 2012 | 20.65% | 19.77% | 20.61% |
| 2011 | 20.70% | 20.19% | 22.37% |
| 2010 | 20.50% | 19.75% | 22.63% |
| 2009 | 20.12% | 19.46% | 21.28% |
| 2007 | 18.66% | 18.37% | 24.28% |
| 2005 | 18.89% | 18.19% | 20.34% |
Renter Fraction in Cape May County New Jersey
You can calculate the renter fraction in Cape May County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Cape May County as a fraction of total Cape May County households. In 2019 25.42% of households were renters according to Census ACS data.
Cape May County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Jersey | 36.65% | +0.63% | -0.12% |
| Cape May County NJ | 25.42% | +5.84% | +2.09% |
Trends in the Cape May County NJ Renter Fraction
The Cape May County household renter fraction peaked in in 2009 at 32.51% and is now 7.09% below that level. From a recent low of 19.58% in 2018, the household based renter fraction has now grown by 5.84%. The origin year for the series is 2005.
Fraction of Renting Households: Cape May County NJ, New Jersey, US
History of Cape May County Renter Fraction
| Date | US | New Jersey | Cape May County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 25.42% |
| 2018 | 36.05% | 36.02% | 19.58% |
| 2017 | 36.13% | 36.19% | 22.55% |
| 2016 | 36.88% | 36.77% | 23.33% |
| 2015 | 36.97% | 36.98% | 23.51% |
| 2014 | 36.90% | 36.74% | 23.99% |
| 2013 | 36.50% | 35.95% | 20.73% |
| 2012 | 36.09% | 34.93% | 26.64% |
| 2011 | 35.42% | 34.95% | 25.04% |
| 2010 | 34.65% | 33.59% | 23.91% |
| 2009 | 34.13% | 33.86% | 32.51% |
| 2007 | 32.80% | 32.73% | 27.56% |
| 2005 | 33.10% | 32.71% | 21.82% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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