North Jersey has emerged as a more competitive rental market than Brooklyn and Queens, as housing hunters face fierce competition for a limited number of available apartments. The RentCafe rental competitiveness report, published in October, ranked North Jersey 18th among the nation's most competitive large rental markets, surpassing Queens at No. 22 and Brooklyn at No. 26.
Doug Ressler, manager of business intelligence at Yardi Matrix, noted that North Jersey's competitiveness is driven less by a surge in renters and more by a low rate of existing tenants moving out. This dynamic limits the number of apartments returning to the market, leading to intense competition for available units despite a modest cooling from the previous year.
In North Jersey, an average of 10 prospective tenants compete for each available apartment, with an occupancy rate of nearly 95%. Approximately 71% of current tenants are renewing their leases, further constricting the supply for newcomers. Available units in North Jersey are typically leased within 39 days.
Queens has also seen increased rental competition, climbing 10 spots nationally to No. 22. The borough now sees an average of 11 renters vying for each vacant apartment, with an occupancy rate of 95.2%. Vacant apartments in Queens are leased in an average of just 37 days, faster than in both North Jersey and Brooklyn. The average vacancy period in Queens decreased from about 44 days in the summer of 2025 to 37 days this year.
This comes as New York City's median asking rent reached a record $3,785 in the third quarter, a 4.5% increase from the previous year, with Manhattan, Brooklyn, and Queens all experiencing annual rent hikes. While Brooklyn's rental market has seen some easing of competition, slipping to 26th place nationally from seventh, it still faces a tight market.
In Brooklyn, an average of 10 renters compete for each available unit, and apartments take approximately three days longer to fill than a year ago. The borough's occupancy rate has declined from roughly 95.9% to 94.6%. New construction appears to be contributing to the eased pressure, with newly built apartments comprising 1.13% of Brooklyn's rental inventory, compared to 0.91% in Queens and 0.84% in North Jersey.
Brooklyn's occupancy rate stands at 94.6%, slightly below Queens. Despite the decrease in competition ranking, Brooklyn's median rent remained 5% higher than a year earlier, and available listings fell by 25%. The report indicates that renters looking outside the city's five boroughs may not find a significantly easier market.
North Jersey's overall rental competitiveness score is 78 out of 100, slightly higher than Queens' 77.3 and Brooklyn's 76.4. While crossing the Hudson may still offer potential cost or space advantages, the search for an apartment is no longer guaranteed to be easier.