Mercer County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Mercer County NJ was $1,234 in 2019 according to the Census ACS survey.1 Average gross rent in Mercer County was $1,290 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 Mercer County median and average rent data will be released in September of 2021.
Data is also available below for Mercer County rental vacancy rates, Mercer County rent as a percent of median income and the fraction of renters in Mercer County.
Real Gross Rent in Mercer 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% |
| Mercer County NJ Median Gross Rent | $1,234 | -4.12% | +1.65% |
Mercer County NJ Real Gross Rent Trends
Median gross rent for Mercer County peaked in real terms in 2017 at $1,311 and is now $77 (5.87%) lower. Average gross rent for Mercer County peaked in real terms in 2017 at $1,311 and is now $21 (1.60%) lower.
Real Gross Rent: Mercer County NJ Median, Mercer County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Mercer County
| Date | US Median |
New Jersey Median |
Mercer County NJ Median |
Mercer County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,234 | $1,290 |
| 2018 | $1,077 | $1,360 | $1,287 | $1,297 |
| 2017 | $1,043 | $1,324 | $1,311 | $1,311 |
| 2016 | $1,027 | $1,303 | $1,214 | $1,239 |
| 2015 | $1,017 | $1,288 | $1,224 | $1,242 |
| 2014 | $986 | $1,269 | $1,206 | $1,281 |
| 2013 | $953 | $1,233 | $1,154 | $1,169 |
| 2012 | $940 | $1,221 | $1,154 | $1,169 |
| 2011 | $941 | $1,226 | $1,182 | $1,186 |
| 2010 | $955 | $1,245 | $1,209 | $1,209 |
| 2009 | $960 | $1,263 | $1,186 | $1,201 |
| 2007 | $927 | $1,205 | $1,150 | $1,185 |
| 2005 | $910 | $1,169 | $1,161 | $1,168 |
Mercer 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 Mercer County New Jersey was 3.50% according to Census ACS data.
Rental Vacancy Rate in Mercer 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% |
| Mercer County NJ | 3.50% | +0.99% | -0.80% |
Trends in Mercer County NJ Rental Vacancy Rate
The rental vacancy rate in Mercer County peaked in 2009 at 10.29%. Since then it has fallen by 6.79% to 3.50%. Data records for this series originated in 2005. From a 2018 post peak low of 2.51%, the rental vacancy rate has increased by 0.99%.
Rental Vacancy Rate: Mercer County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Mercer County
| Date | US | New Jersey | Mercer County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 3.50% |
| 2018 | 6.15% | 4.42% | 2.51% |
| 2017 | 6.18% | 4.45% | 3.45% |
| 2016 | 5.89% | 5.02% | 4.30% |
| 2015 | 5.85% | 5.65% | 7.68% |
| 2014 | 6.32% | 6.09% | 7.75% |
| 2013 | 6.49% | 6.18% | 6.53% |
| 2012 | 6.77% | 5.96% | 6.67% |
| 2011 | 7.40% | 6.99% | 8.38% |
| 2010 | 8.17% | 7.51% | 7.89% |
| 2009 | 8.43% | 7.59% | 10.29% |
| 2007 | 7.87% | 6.30% | 7.95% |
| 2005 | 7.74% | 6.43% | 7.88% |
Rent as a Fraction of Income
Using median household income data for Mercer County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Mercer County, median monthly gross rent as a fraction of median household income was 18.63% in 2019 according to the ACS.
Mercer 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% |
| Mercer County NJ | 18.63% | -0.18% | +0.72% |
Trends in Mercer County NJ Rent as a Fraction of Income
The fraction of median Mercer County household income required to pay median monthly gross rent peaked in 2017 (relative to the 2005 series origin) at 19.26%. Since then it has fallen by 0.64% to 18.63%.
Fraction of Income towards Rent: Mercer County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Mercer County New Jersey
| Date | US | New Jersey | Mercer County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 18.63% |
| 2018 | 20.50% | 19.61% | 18.81% |
| 2017 | 20.13% | 19.24% | 19.26% |
| 2016 | 20.43% | 19.61% | 17.91% |
| 2015 | 20.63% | 20.17% | 19.12% |
| 2014 | 20.89% | 20.06% | 18.28% |
| 2013 | 20.78% | 20.03% | 18.56% |
| 2012 | 20.65% | 19.77% | 19.15% |
| 2011 | 20.70% | 20.19% | 17.77% |
| 2010 | 20.50% | 19.75% | 18.30% |
| 2009 | 20.12% | 19.46% | 17.43% |
| 2007 | 18.66% | 18.37% | 16.72% |
| 2005 | 18.89% | 18.19% | 17.24% |
Renter Fraction in Mercer County New Jersey
You can calculate the renter fraction in Mercer 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 Mercer County as a fraction of total Mercer County households. In 2019 37.45% of households were renters according to Census ACS data.
Mercer 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% |
| Mercer County NJ | 37.45% | +0.03% | +0.44% |
Trends in the Mercer County NJ Renter Fraction
At 37.45%, the 2019 household based renter fraction in Mercer County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Mercer County NJ, New Jersey, US
History of Mercer County Renter Fraction
| Date | US | New Jersey | Mercer County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 37.45% |
| 2018 | 36.05% | 36.02% | 37.42% |
| 2017 | 36.13% | 36.19% | 36.52% |
| 2016 | 36.88% | 36.77% | 37.01% |
| 2015 | 36.97% | 36.98% | 37.10% |
| 2014 | 36.90% | 36.74% | 36.45% |
| 2013 | 36.50% | 35.95% | 36.01% |
| 2012 | 36.09% | 34.93% | 34.83% |
| 2011 | 35.42% | 34.95% | 34.33% |
| 2010 | 34.65% | 33.59% | 32.46% |
| 2009 | 34.13% | 33.86% | 33.74% |
| 2007 | 32.80% | 32.73% | 30.06% |
| 2005 | 33.10% | 32.71% | 30.49% |
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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