Monmouth County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Monmouth County NJ was $1,416 in 2019 according to the Census ACS survey.1 Average gross rent in Monmouth County was $1,444 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 Monmouth County median and average rent data will be released in September of 2021.
Data is also available below for Monmouth County rental vacancy rates, Monmouth County rent as a percent of median income and the fraction of renters in Monmouth County.
Real Gross Rent in Monmouth 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% |
| Monmouth County NJ Median Gross Rent | $1,416 | -0.77% | +0.07% |
Monmouth County NJ Real Gross Rent Trends
Median gross rent for Monmouth County peaked in real terms in 2018 at $1,427 and is now $11 (0.77%) lower. Average gross rent for Monmouth County peaked in real terms in 2016 at $1,450 and is now $6 (0.41%) lower.
Real Gross Rent: Monmouth County NJ Median, Monmouth County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Monmouth County
| Date | US Median |
New Jersey Median |
Monmouth County NJ Median |
Monmouth County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,416 | $1,444 |
| 2018 | $1,077 | $1,360 | $1,427 | $1,442 |
| 2017 | $1,043 | $1,324 | $1,392 | $1,408 |
| 2016 | $1,027 | $1,303 | $1,415 | $1,450 |
| 2015 | $1,017 | $1,288 | $1,354 | $1,384 |
| 2014 | $986 | $1,269 | $1,345 | $1,388 |
| 2013 | $953 | $1,233 | $1,268 | $1,344 |
| 2012 | $940 | $1,221 | $1,298 | $1,295 |
| 2011 | $941 | $1,226 | $1,272 | $1,266 |
| 2010 | $955 | $1,245 | $1,317 | $1,350 |
| 2009 | $960 | $1,263 | $1,271 | $1,295 |
| 2007 | $927 | $1,205 | $1,269 | $1,281 |
| 2005 | $910 | $1,169 | $1,214 | $1,204 |
Monmouth 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 Monmouth County New Jersey was 2.83% according to Census ACS data.
Rental Vacancy Rate in Monmouth 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% |
| Monmouth County NJ | 2.83% | -0.78% | -0.31% |
Trends in Monmouth County NJ Rental Vacancy Rate
The rental vacancy rate in Monmouth County peaked in 2011 at 7.33%. Since then it has fallen by 4.50% to 2.83%. Data records for this series originated in 2005. From a 2017 post peak low of 2.48%, the rental vacancy rate has increased by 0.35%.
Rental Vacancy Rate: Monmouth County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Monmouth County
| Date | US | New Jersey | Monmouth County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 2.83% |
| 2018 | 6.15% | 4.42% | 3.61% |
| 2017 | 6.18% | 4.45% | 2.48% |
| 2016 | 5.89% | 5.02% | 3.14% |
| 2015 | 5.85% | 5.65% | 4.11% |
| 2014 | 6.32% | 6.09% | 6.34% |
| 2013 | 6.49% | 6.18% | 3.87% |
| 2012 | 6.77% | 5.96% | 5.05% |
| 2011 | 7.40% | 6.99% | 7.33% |
| 2010 | 8.17% | 7.51% | 6.00% |
| 2009 | 8.43% | 7.59% | 5.67% |
| 2007 | 7.87% | 6.30% | 5.96% |
| 2005 | 7.74% | 6.43% | 5.50% |
Rent as a Fraction of Income
Using median household income data for Monmouth County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monmouth County, median monthly gross rent as a fraction of median household income was 16.52% in 2019 according to the ACS.
Monmouth 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% |
| Monmouth County NJ | 16.52% | -0.37% | -1.45% |
Trends in Monmouth County NJ Rent as a Fraction of Income
The fraction of median Monmouth County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 18.01%. Since then it has fallen by 1.49% to 16.52%.
Fraction of Income towards Rent: Monmouth County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Monmouth County New Jersey
| Date | US | New Jersey | Monmouth County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 16.52% |
| 2018 | 20.50% | 19.61% | 16.88% |
| 2017 | 20.13% | 19.24% | 16.49% |
| 2016 | 20.43% | 19.61% | 17.97% |
| 2015 | 20.63% | 20.17% | 17.58% |
| 2014 | 20.89% | 20.06% | 17.29% |
| 2013 | 20.78% | 20.03% | 17.25% |
| 2012 | 20.65% | 19.77% | 18.01% |
| 2011 | 20.70% | 20.19% | 17.82% |
| 2010 | 20.50% | 19.75% | 17.51% |
| 2009 | 20.12% | 19.46% | 16.61% |
| 2007 | 18.66% | 18.37% | 16.56% |
| 2005 | 18.89% | 18.19% | 15.58% |
Renter Fraction in Monmouth County New Jersey
You can calculate the renter fraction in Monmouth 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 Monmouth County as a fraction of total Monmouth County households. In 2019 27.35% of households were renters according to Census ACS data.
Monmouth 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% |
| Monmouth County NJ | 27.35% | +1.78% | -0.63% |
Trends in the Monmouth County NJ Renter Fraction
The Monmouth County household renter fraction peaked in in 2016 at 27.98% and is now 0.63% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Monmouth County NJ, New Jersey, US
History of Monmouth County Renter Fraction
| Date | US | New Jersey | Monmouth County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 27.35% |
| 2018 | 36.05% | 36.02% | 25.57% |
| 2017 | 36.13% | 36.19% | 25.59% |
| 2016 | 36.88% | 36.77% | 27.98% |
| 2015 | 36.97% | 36.98% | 26.54% |
| 2014 | 36.90% | 36.74% | 26.94% |
| 2013 | 36.50% | 35.95% | 26.31% |
| 2012 | 36.09% | 34.93% | 24.73% |
| 2011 | 35.42% | 34.95% | 24.20% |
| 2010 | 34.65% | 33.59% | 24.78% |
| 2009 | 34.13% | 33.86% | 25.44% |
| 2007 | 32.80% | 32.73% | 24.82% |
| 2005 | 33.10% | 32.71% | 23.73% |
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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