When looking for a place to rent, you most likely consider a few critical aspects. For starters, location is always a significant factor, as well as the size of the house – but let’s not jump the gun. If you are looking for an apartment, check out MRK | Luxury Apartments in Journal Square, Jersey City, they have exceptionally crafted apartments.
If you’re scoping out potential apartments in Journal Square, Jersey City, NJ, it might help to know how much it will cost. According to Zumper (a popular rental platform), average rental rates for a one-bedroom apartment are $2,585 in the area. Notably, this is roughly 73% more than you would have paid in 2021.
The rental prices could be higher or lower, with the price range being between $2000 and $3500 for nearly 90% of properties in the area (according to RentCafe). Let’s look at a few of the variables impacting the rental rates.
1. The Time of Year
The time of year has much to do with price. For instance, rental rates are generally higher in summer than in winter, as people are more likely to be out and about looking for places to stay. More demand means higher prices, as property owners know they can get away with charging a little extra.
2. Available Amenities
Anyone who has ever rented an apartment knows that amenities can significantly impact the monthly cost. For example, a one-bedroom apartment with basic amenities like laundry and a gym might rent for $1,700 per month in the Journal Square neighborhood of Jersey City.
Expect to pay a little more each month if the apartment complex also has a swimming pool or other amenities. But if that same apartment also offers extra perks, such as a roof deck with sweeping views of the city’s skyline, the rental price could jump to $2,700 or more.
But, not all amenities are created equal. While some renters might be willing to pay extra for a swimming pool or a doorman, others might prefer an apartment with free parking or pet-friendly policies. Ultimately, it’s up to each renter to decide which amenities are worth the extra cost.
3. Size of the Place
The average size of a one-bedroom apartment in Journal Square, Jersey City, is about 700 square feet – give or take. The rental cost for such an apartment is typically between $1,600 and $2,200 per month. However, the cost of rent can vary significantly depending on the apartment size. For example, a smaller one-bedroom apartment may cost as little as $1,300 per month, while a larger space can set you back as much as $2,500 per month.
Generally, landlords charge more for larger apartments because they have more space to fill. As a result, when searching for an apartment in Journal Square, keep the size of the unit and the rental price in mind.
Where the apartment is located will also affect how much it costs. For example, your rent will most likely be higher if it’s closer to the PATH train station.
The same applies to apartments closer to the waterfront or other popular attractions. On the other hand, if you’re exploring apartments a bit further from other popular areas, the rental rate will probably be lower.
A fully furnished one-bedroom apartment will undoubtedly cost more than an unfurnished unit. Basically, as a renter, you’ll typically take on the additional cost of furniture and other household items.
The beauty of a furnished apartment is that you can save some cash as you don’t have to buy new furniture. Plus, you can opt for a short-term lease, which offers you some flexibility if your job or living situation changes. On the flip side, though, you’ll have limited apartment options and almost zero control over decor, not to mention a rise in your liability if something gets damaged.
Conversely, unfurnished units offer more control and flexibility but may cost a bit more to set up. Hence, take these elements into account when budgeting for your next apartment.
6. Year it Was Built
The age of an apartment complex can dictate your monthly rent. In general, newer buildings cost more to rent than older ones. Why? Well, newer units typically come with updated features and appealing amenities. They also tend to be located in more desirable areas, which can drive up rental costs.
Older buildings, though, may not have the same bells and whistles as their newer counterparts. But, an older apartment complex may be a good option if you’re on a tight budget. But remember, you may have to deal with some maintenance issues from time to time.
When scoping around for a one-bedroom apartment in Journal Square, consider the different variables that often impact rental prices. If you feel that particular amenities are worth the extra cost, go for it. But if you’re on a tight budget, it’s advisable to consider some of the more affordable options.