<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1VQB4d_0vmKVcPZ00" alt="https://img.particlenews.com/image.php?url=1VQB4d_0vmKVcPZ00" width="980" height="653" ><figcaption>Dino Flammia</figcaption></figure>Affording the monthly rent bill is an out-of-reach goal for a growing number of New Jersey residents.Industry observers say the main issue is a lack of inventory, which gives landlords the power to jack up prices. But groups note that profits aren't the only reason for rising rents."According to recent Census data, 51.1% of renters in New Jersey are cost burdened, meaning they spend more than 30% of their income on rent," said Assemblywoman Yvonne Lopez, D-Middlesex.The Assembly Housing Committee, chaired by Lopez, held a hearing on Monday to discuss the impact of rising rental costs.Carl Gershenson, director of the <a href="https://evictionlab.org/">Eviction Lab</a> at Princeton University, said the Garden State is running significantly higher than the national average in the way of eviction filings — about 12 per 100 renter households in New Jersey, compared to around 7% nationally."Since 2000, renters' incomes have gone up by about 5%, while rents have gone up by over 23%," Gershenson said. "That's simply not sustainable."<a href="https://nj1015.com/report-many-folks-need-more-than-1-job-to-afford-an-nj-apartment/">In a 2024 state-by-state report published by housing advocates</a>, New Jersey ranked as the seventh-most expensive state for renters. Individuals need to earn more than $38 per hour in order to afford a two-bedroom apartment at fair market rent. The average New Jersey renter is bringing in $23.70 per hour."We need to ensure that there is sufficient housing supply to meet the very large amount of housing demand that exists in New Jersey," Gershenson said.According to David Brogan, executive director of the New Jersey Apartment Association, the Garden State has averaged an increase of about 11,000 units per year. That still hasn't satisfied demand."If we can put more resources towards housing and eliminate some of the barriers at the local level, I think you'll see more development going forward," Brogan said.There are significant costs tied to owning and operating apartment buildings, Brogan added. Those costs have risen dramatically over the last five years, he said.Advocates are pushing for long-term federal investments in affordable housing. Locally in New Jersey, the Housing and Community Development Network of New Jersey wants to see an increase in the eviction filing fee. It's currently at $50, and the Network suggests that increasing it could serve as a disincentive to landlords to evict tenants.The Network also wants the state to expand the realty transfer fee — the primary funding source for the Affordable Housing Trust Fund — in a way that collects more revenue from the sale of very expensive homes.<a href="mailto:trenton.dme@townsquaremedia.com?subject=Feedback%20or%20correction">Report a correction</a> 👈 | 👉 <a href="https://nj1015.com/contact-nj-1015-newsroom/">Contact our newsroom</a><h2>Worst 30 public schools in New Jersey</h2>These are the 30 lowest-ranking public and charter schools in New Jersey based on the 2022-23 summative ratings provided by the state Department of Education's annual NJ School Performance Report. The schools are listed in descending order, with the lowest rating being zero.<h2>LOOK: States sending the most people to New Jersey</h2><a href="https://stacker.com/new-jersey/states-sending-most-people-new-jersey">Stacker</a> compiled a list of states where the most people are moving to New Jersey using data from the Census Bureau.</div></body>

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Groups: Rent in New Jersey is ‘unsustainable’ for many

Affording the monthly rent bill is an out-of-reach goal for a growing number of New Jersey residents. Industry observers say the main issue is a lack of inventory, which gives landlords the power to jack up prices. But groups note that profits aren't the only reason for rising rents. \"According...

Affording the monthly rent bill is an out-of-reach goal for a growing number of New Jersey residents. Industry observers say the main issue is a lack of inventory, which gives landlords the power to jack up prices. But groups note that profits aren't the only reason for rising rents. "According...