Report: An area of NJ had the second-hottest rental market in 2023

Nine potential renters competed for each vacant apartment in 2023, as 94% of rentals were occupied nationwide.

Those are actually pleasant numbers compared to 2022, according to RentCafe.com.

But a year-end report from the apartment search website suggests a couple portions of New Jersey had among the most competitive rental markets in 2023, meaning that it was no walk in the park to secure essentially any property that went up for grabs in the areas.

Ranking below Miami only, the northern segment of New Jersey came in at No. 2 on RentCafe's top-30 list.

In the "North Jersey" region, more than 96% of apartments were occupied this year, the analysis finds. At least 70% of apartment dwellers were renewing their leases, with not much new inventory coming on the market.

For each property, 14 prospective renters were interested, and any vacant property had a new resident within an average of 34 days.

The market referred to as "Central Jersey" ranked 10th on RentCafe's list. Nine renters were competing for each listing, and apartments typically stayed on the market for 46 days. More than 82% of renters were renewing their leases in 2023.

Brooklyn, New York and suburban Philadelphia, Pennsylvania were the only other markets in the Northeast to appear in the top 10.

In 2022, according to RentCafe, an average of 14 renters were fighting for each available apartment in the U.S., and vacant apartments were filled within just 32 days.

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