Ocean County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Ocean County NJ was $1,407 in 2019 according to the Census ACS survey.1 Average gross rent in Ocean County was $1,361 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 Ocean County median and average rent data will be released in September of 2021.
Data is also available below for Ocean County rental vacancy rates, Ocean County rent as a percent of median income and the fraction of renters in Ocean County.
Real Gross Rent in Ocean 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% |
| Ocean County NJ Median Gross Rent | $1,407 | -3.70% | +1.37% |
Ocean County NJ Real Gross Rent Trends
Median gross rent for Ocean County peaked in real terms in 2017 at $1,480 and is now $73 (4.93%) lower. Average gross rent for Ocean County peaked in real terms in 2018 at $1,439 and is now $78 (5.42%) lower.
Real Gross Rent: Ocean County NJ Median, Ocean County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Ocean County
| Date | US Median |
New Jersey Median |
Ocean County NJ Median |
Ocean County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,407 | $1,361 |
| 2018 | $1,077 | $1,360 | $1,461 | $1,439 |
| 2017 | $1,043 | $1,324 | $1,480 | $1,400 |
| 2016 | $1,027 | $1,303 | $1,388 | $1,354 |
| 2015 | $1,017 | $1,288 | $1,395 | $1,360 |
| 2014 | $986 | $1,269 | $1,451 | $1,379 |
| 2013 | $953 | $1,233 | $1,372 | $1,318 |
| 2012 | $940 | $1,221 | $1,338 | $1,272 |
| 2011 | $941 | $1,226 | $1,408 | $1,268 |
| 2010 | $955 | $1,245 | $1,456 | $1,399 |
| 2009 | $960 | $1,263 | $1,429 | $1,356 |
| 2007 | $927 | $1,205 | $1,352 | $1,328 |
| 2005 | $910 | $1,169 | $1,346 | $1,275 |
Ocean 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 Ocean County New Jersey was 1.47% according to Census ACS data.
Rental Vacancy Rate in Ocean 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% |
| Ocean County NJ | 1.47% | -3.83% | +0.78% |
Trends in Ocean County NJ Rental Vacancy Rate
The rental vacancy rate in Ocean County peaked in 2009 at 9.17%. Since then it has fallen by 7.70% to 1.47%. Data records for this series originated in 2005. From a 2016 post peak low of 0.69%, the rental vacancy rate has increased by 0.78%.
Rental Vacancy Rate: Ocean County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Ocean County
| Date | US | New Jersey | Ocean County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 1.47% |
| 2018 | 6.15% | 4.42% | 5.30% |
| 2017 | 6.18% | 4.45% | 4.54% |
| 2016 | 5.89% | 5.02% | 0.69% |
| 2015 | 5.85% | 5.65% | 3.21% |
| 2014 | 6.32% | 6.09% | 3.55% |
| 2013 | 6.49% | 6.18% | 4.35% |
| 2012 | 6.77% | 5.96% | 4.17% |
| 2011 | 7.40% | 6.99% | 3.48% |
| 2010 | 8.17% | 7.51% | 3.71% |
| 2009 | 8.43% | 7.59% | 9.17% |
| 2007 | 7.87% | 6.30% | 5.39% |
| 2005 | 7.74% | 6.43% | 7.85% |
Rent as a Fraction of Income
Using median household income data for Ocean County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Ocean County, median monthly gross rent as a fraction of median household income was 22.19% in 2019 according to the ACS.
Ocean 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% |
| Ocean County NJ | 22.19% | -2.93% | -3.38% |
Trends in Ocean County NJ Rent as a Fraction of Income
The fraction of median Ocean County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 27.49%. Since then it has fallen by 5.30% to 22.19%.
Fraction of Income towards Rent: Ocean County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Ocean County New Jersey
| Date | US | New Jersey | Ocean County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 22.19% |
| 2018 | 20.50% | 19.61% | 25.12% |
| 2017 | 20.13% | 19.24% | 24.23% |
| 2016 | 20.43% | 19.61% | 25.57% |
| 2015 | 20.63% | 20.17% | 24.75% |
| 2014 | 20.89% | 20.06% | 25.90% |
| 2013 | 20.78% | 20.03% | 25.96% |
| 2012 | 20.65% | 19.77% | 25.45% |
| 2011 | 20.70% | 20.19% | 27.49% |
| 2010 | 20.50% | 19.75% | 27.37% |
| 2009 | 20.12% | 19.46% | 25.20% |
| 2007 | 18.66% | 18.37% | 24.54% |
| 2005 | 18.89% | 18.19% | 24.82% |
Renter Fraction in Ocean County New Jersey
You can calculate the renter fraction in Ocean 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 Ocean County as a fraction of total Ocean County households. In 2019 19.27% of households were renters according to Census ACS data.
Ocean 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% |
| Ocean County NJ | 19.27% | -0.69% | -2.34% |
Trends in the Ocean County NJ Renter Fraction
The Ocean County household renter fraction peaked in in 2016 at 21.61% and is now 2.34% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Ocean County NJ, New Jersey, US
History of Ocean County Renter Fraction
| Date | US | New Jersey | Ocean County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 19.27% |
| 2018 | 36.05% | 36.02% | 19.96% |
| 2017 | 36.13% | 36.19% | 20.02% |
| 2016 | 36.88% | 36.77% | 21.61% |
| 2015 | 36.97% | 36.98% | 21.40% |
| 2014 | 36.90% | 36.74% | 19.61% |
| 2013 | 36.50% | 35.95% | 19.94% |
| 2012 | 36.09% | 34.93% | 18.26% |
| 2011 | 35.42% | 34.95% | 20.00% |
| 2010 | 34.65% | 33.59% | 18.50% |
| 2009 | 34.13% | 33.86% | 18.09% |
| 2007 | 32.80% | 32.73% | 17.29% |
| 2005 | 33.10% | 32.71% | 17.73% |
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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