Average Rent in Newark, NJ
The Fair Market Rent for a 2-bedroom in Newark, NJ is $2,205 per month, based on HUD data. With a median household income of $97,334, a household would spend 27.2% of income on housing at Fair Market Rent. Rent has increased 15.1% year over year. The national median 2BR FMR is $1,250/mo for comparison.
Fair Market Rent by Bedroom
| Size | Monthly FMR |
|---|---|
| Studio | $1,612 |
| 1 Bedroom | $1,822 |
| 2 Bedroom | $2,205 |
| 3 Bedroom | $2,761 |
| 4 Bedroom | $3,137 |
Affordability
| Metric | Value |
|---|---|
| Median Household Income | $97,334 |
| Rent Burden (2BR FMR / Income) | 27.2% |
| Income Needed for 2BR (30% rule) | $88,200/yr |