As of June, 2022, Jersey City, N.J., was the most expensive city in which to rent a home in the United States, surpassing San Francisco and Miami, according to a report by the listing portal Rent. It’s no surprise that rental prices have increased during the pandemic, as inflation has spiked and people have had more flexibility to work remotely, says Jon Leckie, a researcher at Rent. The most expensive cities after Jersey City were Boston and the Silicon Valley hub of Palo Alto, Calif., followed by Glendale and Santa Monica, Calif., Coral Gables, Fla., Hoboken, N.J., and Redmond, Wash.
The spike is due in part to a dramatic dip in rent prices last year, a result of Covid-19. Mr. Leckie said he expects price growth to moderate, but remain above prepandemic levels. But another critical factor is the spate of new luxury apartments luring New Yorkers across the Hudson River with more space and amenities than they could afford near their offices. More than 6,660 units are planned or under development in Jersey City, most of which are expected to be ready by 2026, according to Nancy Packes of Nancy Packes Data Services, a development consultancy and database provider.
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