Nova by Gomes
1213-1221 Broad St,
Newark, NJ 07114
$2,054 - $3,000
Studio - 2 Beds
Rental Market Trends in Newark, NJ
What is the average rent in Newark, NJ?
$1,611/month
Average Rent
619 Sq Ft
Average Apartment Size
+0.5%
Increase in the Last Year
Newark, NJ Rental Market Overview
The average rent in Newark, NJ is $1,611 per month. For comparison, the national average rent price in the US is currently $1,644/month, which means Newark rent prices are 2% lower than the national average.
- Studio apartments in Newark average $1,365 per month.
- One-bedroom apartments in Newark average $1,611 per month.
- Two-bedroom apartments in Newark average $2,024 per month.
- Three-bedroom apartments in Newark average $2,121 or more per month.
Data Updated: June, 2026
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Newark, NJ?
In the past year, rent has increased by 0.5%, which averages out to $8 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated June 2026
Legend
2025
2026
Rent Ranges in Newark, NJ
Last Updated June 2026
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
17%
$700 - $1,000/month
32%
$1,001 - $1,500/month
15%
$1,501 - $2,000/month
34%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Newark?
Based on current rent prices, West Side, North Broadway and Fairmount are the most affordable neighborhoods in Newark.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Newark?
Based on current rent prices, North Ironbound, Seventh Avenue and Mount Pleasant-Lower Broad are the most expensive neighborhoods in Newark.
Neighborhood
Average Rent
Average Sq Ft
Which Newark neighborhoods have the most rentals available?
The neighborhoods in Newark with the most apartments available are Greater Newark, Downtown Newark and University Heights .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Newark, NJ?
Because the average rent in Newark is $1,611, you’ll want to make about $5,370 per month or $64,440 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Newark, NJ is 13.8% higher than the national average. Generally, housing in Newark is 35.3% more expensive than the national average, with rent falling between $1,365 - $2,121. You can expect to pay 3.9% more for groceries, 3.6% more for utilities, and 3.0% more for transportation.
How does Newark, NJ compare to other nearby cities and neighborhoods?
Use the tool below to compare Newark, NJ to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
-
$2,089/month
One Bedroom
$1,503/month
$2,427/month
Two Bedroom
$2,066/month
$2,802/month
Three Bedroom
$2,188/month
$3,151/month
Nearby City Rent Trends
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.