Passaic County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Passaic County NJ was $1,324 in 2019 according to the Census ACS survey.1 Average gross rent in Passaic County was $1,312 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 Passaic County median and average rent data will be released in September of 2021.
Data is also available below for Passaic County rental vacancy rates, Passaic County rent as a percent of median income and the fraction of renters in Passaic County.
Real Gross Rent in Passaic 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% |
| Passaic County NJ Median Gross Rent | $1,324 | +1.53% | +3.92% |
Passaic County NJ Real Gross Rent Trends
At $1,324, real median gross rent in Passaic County was at its highest level in 2019 since the series began in 2005. At $1,312, real average gross rent in Passaic County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Passaic County NJ Median, Passaic County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Passaic County
| Date | US Median |
New Jersey Median |
Passaic County NJ Median |
Passaic County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,324 | $1,312 |
| 2018 | $1,077 | $1,360 | $1,304 | $1,244 |
| 2017 | $1,043 | $1,324 | $1,276 | $1,238 |
| 2016 | $1,027 | $1,303 | $1,274 | $1,226 |
| 2015 | $1,017 | $1,288 | $1,264 | $1,204 |
| 2014 | $986 | $1,269 | $1,275 | $1,254 |
| 2013 | $953 | $1,233 | $1,238 | $1,203 |
| 2012 | $940 | $1,221 | $1,204 | $1,171 |
| 2011 | $941 | $1,226 | $1,190 | $1,162 |
| 2010 | $955 | $1,245 | $1,217 | $1,183 |
| 2009 | $960 | $1,263 | $1,261 | $1,223 |
| 2007 | $927 | $1,205 | $1,209 | $1,215 |
| 2005 | $910 | $1,169 | $1,196 | $1,203 |
Passaic 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 Passaic County New Jersey was 2.62% according to Census ACS data.
Rental Vacancy Rate in Passaic 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% |
| Passaic County NJ | 2.62% | +0.15% | -0.25% |
Trends in Passaic County NJ Rental Vacancy Rate
The rental vacancy rate in Passaic County peaked in 2008 at 10.10%. Since then it has fallen by 7.48% to 2.62%. Data records for this series originated in 2005. From a 2017 post peak low of 2.31%, the rental vacancy rate has increased by 0.31%.
Rental Vacancy Rate: Passaic County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Passaic County
| Date | US | New Jersey | Passaic County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 2.62% |
| 2018 | 6.15% | 4.42% | 2.47% |
| 2017 | 6.18% | 4.45% | 2.31% |
| 2016 | 5.89% | 5.02% | 2.87% |
| 2015 | 5.85% | 5.65% | 5.30% |
| 2014 | 6.32% | 6.09% | 5.35% |
| 2013 | 6.49% | 6.18% | 5.28% |
| 2012 | 6.77% | 5.96% | 4.08% |
| 2011 | 7.40% | 6.99% | 5.90% |
| 2010 | 8.17% | 7.51% | 7.46% |
| 2009 | 8.43% | 7.59% | 8.71% |
| 2007 | 7.87% | 6.30% | 6.09% |
| 2005 | 7.74% | 6.43% | 4.68% |
Rent as a Fraction of Income
Using median household income data for Passaic County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Passaic County, median monthly gross rent as a fraction of median household income was 20.62% in 2019 according to the ACS.
Passaic 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% |
| Passaic County NJ | 20.62% | +0.20% | -2.93% |
Trends in Passaic County NJ Rent as a Fraction of Income
The fraction of median Passaic County household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 25.61%. Since then it has fallen by 4.98% to 20.62%. From a 2018 low of 20.43%, the fraction of income going to rent has increased by 0.20%.
Fraction of Income towards Rent: Passaic County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Passaic County New Jersey
| Date | US | New Jersey | Passaic County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 20.62% |
| 2018 | 20.50% | 19.61% | 20.43% |
| 2017 | 20.13% | 19.24% | 23.13% |
| 2016 | 20.43% | 19.61% | 23.55% |
| 2015 | 20.63% | 20.17% | 25.56% |
| 2014 | 20.89% | 20.06% | 24.65% |
| 2013 | 20.78% | 20.03% | 23.96% |
| 2012 | 20.65% | 19.77% | 23.00% |
| 2011 | 20.70% | 20.19% | 25.25% |
| 2010 | 20.50% | 19.75% | 24.20% |
| 2009 | 20.12% | 19.46% | 25.61% |
| 2007 | 18.66% | 18.37% | 22.64% |
| 2005 | 18.89% | 18.19% | 22.51% |
Renter Fraction in Passaic County New Jersey
You can calculate the renter fraction in Passaic 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 Passaic County as a fraction of total Passaic County households. In 2019 47.52% of households were renters according to Census ACS data.
Passaic 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% |
| Passaic County NJ | 47.52% | -0.30% | -1.28% |
Trends in the Passaic County NJ Renter Fraction
The Passaic County household renter fraction peaked in in 2016 at 48.80% and is now 1.28% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Passaic County NJ, New Jersey, US
History of Passaic County Renter Fraction
| Date | US | New Jersey | Passaic County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 47.52% |
| 2018 | 36.05% | 36.02% | 47.82% |
| 2017 | 36.13% | 36.19% | 48.12% |
| 2016 | 36.88% | 36.77% | 48.80% |
| 2015 | 36.97% | 36.98% | 47.55% |
| 2014 | 36.90% | 36.74% | 47.11% |
| 2013 | 36.50% | 35.95% | 46.37% |
| 2012 | 36.09% | 34.93% | 47.14% |
| 2011 | 35.42% | 34.95% | 46.33% |
| 2010 | 34.65% | 33.59% | 45.69% |
| 2009 | 34.13% | 33.86% | 44.05% |
| 2007 | 32.80% | 32.73% | 44.36% |
| 2005 | 33.10% | 32.71% | 43.66% |
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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