West New York Rent Report: December 2024
Welcome to the Apartment List December 2024 Rent Report for West New York, NJ. Currently, the overall median rent in the city stands at $1,834, after falling 2.2% last month. Prices are now down 6.3% year-over-year. Read on to learn more about what’s been happening in the West New York rental market and how it compares to trends throughout the broader New York metro area and the nation as a whole.
West New York rents are down 2.2% month-over-month and down 6.3% year-over-year
The median rent in West New York fell by 2.2% over the course of November, and has now decreased by a total of 6.3% over the past 12 months. West New York’s rent growth over the past year has has fallen behind both the state (0.3%) and national averages (-0.6%).
West New York rent growth in 2024 pacing below last year
Eleven months into the year, rents in West New York have fallen 2.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2023 rents had increased 8.9%.
West New York rents are 16.4% lower than the metro-wide median
If we expand our view to the wider New York metro area, the median rent is $2,194 meaning that the median price in West New York ($1,834) is 16.4% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.2%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 13 cities in the New York metro area that are included in our database. Among them, Hoboken is currently the most expensive, with a median rent of $3,406. Newark is the metro’s most affordable city, with a median rent of $1,654. The metro's fastest annual rent growth is occurring in New Brunswick (5.1%) while the slowest is in West New York (-6.3%).
You can also use the map below to explore the latest rent trends in the New York metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.