The Real Deal: Rent costs decreasing as market hits weakest point of the year

According to Investopedia’s Caleb Silver, only Morris County has seen a meaningful dip in rent costs from last year, while Hudson County is up 10.3%.

News 12 Staff

Nov 11, 2022, 11:51 AM

Updated 580 days ago

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We have entered the weakest time of the year for rentals — so for those looking to rent, it might be time to make a move.
In the past month, the decrease in rent cost is greatest in Bergen County, which is down 2.2%.
In Hudson County, it has dropped 1.6%, while Monmouth County went down .6% as of last month.
But that’s the good news — the picture isn’t great elsewhere.
According to Investopedia’s Caleb Silver, only Morris County has seen a meaningful dip in rent costs from last year, while Hudson County is up 10.3%.
Experts expect rental prices to remain the same, or possibly dip a little bit lower unless mortgage rates spike, which could turn prices back around in the rental market.


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