Hudson County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Hudson County NJ was $1,454 in 2019 according to the Census ACS survey.1 Average gross rent in Hudson County was $1,606 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 Hudson County median and average rent data will be released in September of 2021.
Data is also available below for Hudson County rental vacancy rates, Hudson County rent as a percent of median income and the fraction of renters in Hudson County.
Real Gross Rent in Hudson 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% |
| Hudson County NJ Median Gross Rent | $1,454 | +0.62% | +7.23% |
Hudson County NJ Real Gross Rent Trends
At $1,454, real median gross rent in Hudson County was at its highest level in 2019 since the series began in 2005. At $1,606, real average gross rent in Hudson County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Hudson County NJ Median, Hudson County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Hudson County
| Date | US Median |
New Jersey Median |
Hudson County NJ Median |
Hudson County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,454 | $1,606 |
| 2018 | $1,077 | $1,360 | $1,445 | $1,581 |
| 2017 | $1,043 | $1,324 | $1,368 | $1,497 |
| 2016 | $1,027 | $1,303 | $1,356 | $1,494 |
| 2015 | $1,017 | $1,288 | $1,333 | $1,468 |
| 2014 | $986 | $1,269 | $1,270 | $1,408 |
| 2013 | $953 | $1,233 | $1,252 | $1,352 |
| 2012 | $940 | $1,221 | $1,256 | $1,348 |
| 2011 | $941 | $1,226 | $1,217 | $1,304 |
| 2010 | $955 | $1,245 | $1,225 | $1,305 |
| 2009 | $960 | $1,263 | $1,255 | $1,341 |
| 2007 | $927 | $1,205 | $1,163 | $1,257 |
| 2005 | $910 | $1,169 | $1,133 | $1,226 |
Hudson 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 Hudson County New Jersey was 4.08% according to Census ACS data.
Rental Vacancy Rate in Hudson 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% |
| Hudson County NJ | 4.08% | +0.91% | -1.07% |
Trends in Hudson County NJ Rental Vacancy Rate
The rental vacancy rate in Hudson County peaked in 2010 at 8.99%. Since then it has fallen by 4.91% to 4.08%. Data records for this series originated in 2005. From a 2018 post peak low of 3.17%, the rental vacancy rate has increased by 0.91%.
Rental Vacancy Rate: Hudson County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Hudson County
| Date | US | New Jersey | Hudson County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 4.08% |
| 2018 | 6.15% | 4.42% | 3.17% |
| 2017 | 6.18% | 4.45% | 4.82% |
| 2016 | 5.89% | 5.02% | 5.15% |
| 2015 | 5.85% | 5.65% | 4.77% |
| 2014 | 6.32% | 6.09% | 4.63% |
| 2013 | 6.49% | 6.18% | 5.77% |
| 2012 | 6.77% | 5.96% | 4.74% |
| 2011 | 7.40% | 6.99% | 6.89% |
| 2010 | 8.17% | 7.51% | 8.99% |
| 2009 | 8.43% | 7.59% | 7.26% |
| 2007 | 7.87% | 6.30% | 5.58% |
| 2005 | 7.74% | 6.43% | 5.72% |
Rent as a Fraction of Income
Using median household income data for Hudson County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hudson County, median monthly gross rent as a fraction of median household income was 22.14% in 2019 according to the ACS.
Hudson 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% |
| Hudson County NJ | 22.14% | -0.74% | -2.21% |
Trends in Hudson County NJ Rent as a Fraction of Income
The fraction of median Hudson County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 25.44%. Since then it has fallen by 3.30% to 22.14%.
Fraction of Income towards Rent: Hudson County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Hudson County New Jersey
| Date | US | New Jersey | Hudson County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 22.14% |
| 2018 | 20.50% | 19.61% | 22.88% |
| 2017 | 20.13% | 19.24% | 23.71% |
| 2016 | 20.43% | 19.61% | 24.35% |
| 2015 | 20.63% | 20.17% | 24.92% |
| 2014 | 20.89% | 20.06% | 24.69% |
| 2013 | 20.78% | 20.03% | 25.44% |
| 2012 | 20.65% | 19.77% | 24.63% |
| 2011 | 20.70% | 20.19% | 23.92% |
| 2010 | 20.50% | 19.75% | 23.99% |
| 2009 | 20.12% | 19.46% | 23.28% |
| 2007 | 18.66% | 18.37% | 23.00% |
| 2005 | 18.89% | 18.19% | 24.46% |
Renter Fraction in Hudson County New Jersey
You can calculate the renter fraction in Hudson 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 Hudson County as a fraction of total Hudson County households. In 2019 68.75% of households were renters according to Census ACS data.
Hudson 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% |
| Hudson County NJ | 68.75% | +1.90% | -0.66% |
Trends in the Hudson County NJ Renter Fraction
The Hudson County household renter fraction peaked in in 2014 at 70.65% and is now 1.90% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hudson County NJ, New Jersey, US
History of Hudson County Renter Fraction
| Date | US | New Jersey | Hudson County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 68.75% |
| 2018 | 36.05% | 36.02% | 66.85% |
| 2017 | 36.13% | 36.19% | 68.25% |
| 2016 | 36.88% | 36.77% | 69.41% |
| 2015 | 36.97% | 36.98% | 70.12% |
| 2014 | 36.90% | 36.74% | 70.65% |
| 2013 | 36.50% | 35.95% | 69.52% |
| 2012 | 36.09% | 34.93% | 67.92% |
| 2011 | 35.42% | 34.95% | 67.20% |
| 2010 | 34.65% | 33.59% | 66.24% |
| 2009 | 34.13% | 33.86% | 66.76% |
| 2007 | 32.80% | 32.73% | 64.99% |
| 2005 | 33.10% | 32.71% | 67.18% |
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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