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N.J. city ranked one of the most expensive places to rent an apartment

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Personal finance website GOBankingRates recently published a study that ranked a New Jersey city as one of the Top 5 most expensive cities to rent a one-bedroom apartment in the country.

Jersey City is the fifth most expensive city when compared to 50 major cities across the U.S., with a median rent of $2,200. According to the study, Jersey City is one of the places where rents are increasing the most.

Although the rents of the city on the Hudson are high, the study said its basic utilities cost are low, at $114 a month — the third lowest on the list. The city has the second-best walkability score at 87.

Some other facts about Jersey City’s rental market:

  • 44 percent have a dishwasher;
  • 39 percent have a washer-dryer;
  • 8 percent have a pool;
  • 16 percent have a fitness center;
  • 8 percent have a parking garage; and
  • 3 percent allow pets.

Here are the Top 5 most expensive cities for renting:

  1. San Francisco; median rent for one-bedroom: $3,395
  2. San Jose, California; $2,505
  3. New York; $2,395
  4. Washington, D.C.; $2,271
  5. Jersey City; $2,200

The Top 5 least expensive cities for renting:

  1. El Paso, Texas; median rent for one-bedroom: $555
  2. Detroit; $600
  3. Wichita, Kansas; $625
  4. Tucscon, Arizona; $628
  5. Fresno, California; $650

GOBankingRates surveyed apartment costs and features in 50 major U.S. cities. The study included factors such as median rent, cost of basic utilities, walkability score and more.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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