Could NJ be one of the hottest destinations for renters?

Some folks actually view New Jersey as affordable.

The Garden State ranks extremely high in a new report from Rent. that goes state by state to figure out which rental markets are gaining residents and which are losing them.

In the Migration Nation report, New Jersey posts a positive "lead delta" of 36.33% — that represents the difference between inquiries about in-to-NJ rental moves and inquiries about out-of-NJ rental moves.

In states with a negative figure, there were more outward moves than inward moves.

New Jersey's lead delta ranks third in the nation, according to the report. North Dakota and Alaska were the only other states that posted a rate higher than 33% in the fourth quarter of 2022.

"What we notice is that people are moving away from these big core metros that have gotten very expensive, and crossing state lines to move to areas that are a little bit cheaper," Jon Leckie, researcher at Rent., told New Jersey 101.5. "If you compare New Jersey rents to rents in New York City or Philadelphia, they tend to be cheaper."

Pennsylvania and New York are among the states that saw more out-of-state moves than in-to-state moves in the fourth quarter of 2022, according to the report.

Rent. based its findings on actual inquiries about properties, not searches.

According to the 2022 Out of Reach report from the National Low Income Housing Coalition, New Jersey overall remains among the country's most expensive places for renting a home. But the fair market rent for a two-bedroom apartment in 2022 ($1,628) was down slightly from 2021.

Nationwide, rents surged in 2021 and 2022. The annual rate of growth was as high as 18% in March 2022.

Dino Flammia is a reporter for New Jersey 101.5. You can reach him at dino.flammia@townsquaremedia.com

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