Apartments for Rent in South Broad Street, Newark, NJ

South Broad Street, Newark apartment availability

South Broad Street in Newark offers a good selection of rental listings, with an average of 21 listings available each month in 2024. The neighborhood's rental market primarily features 2-bedroom and 3-bedroom apartments, with a smaller selection of 1-bedroom and studio apartments. Many of these apartments offer desirable amenities, including hardwood floors, found in nearly 50% of listings, and air conditioning, available in about 30% of apartments. Outdoor spaces are also a common feature, available in approximately 31% of rentals. With its varied selection of apartments and amenities, South Broad Street is a neighborhood worth considering for renters in Newark.

South Broad Street, Newark rental market trends

South Broad Street in Newark saw a significant increase in rent prices last year, with an average monthly rent of $2,250.95, reflecting a 10.58% year-over-year increase. Breaking it down by bed count, 1-bedrooms averaged $1,477.86 per month, a 11.54% increase from the previous year. 2-bedrooms saw an even larger jump, with an average rent of $2,118.11, an 18.25% increase. 3-bedrooms averaged $2,387.98, a 15.44% increase. However, studios experienced a decline in rent, averaging $1,721.67, a 21.90% decrease.

The rental market in South Broad Street tends to fluctuate throughout the year. October typically sees the highest rent prices, with an 18.18% increase compared to May, the month with the lowest rent. If you're looking for a new apartment, May might be a good time to find a deal. On the other hand, if you're looking to rent out a property, October may be the best time to capitalize on the higher demand.

Why South Broad Street, Newark is a great place to live

South Broad Street is a top choice for renters prioritizing social living and environmental sustainability. According to 2024 data, apartments in this neighborhood often feature eco-friendly amenities like non-toxic paint, rainwater harvesting, and sustainable materials construction. The area's high walk score and transit score also make it an ideal location for those seeking to reduce their carbon footprint. Additionally, South Broad Street's strong social scene is supported by its safety record, frequent transit options, and well-maintained street infrastructure, making it easy to get out and connect with friends and community. Overall, South Broad Street offers a unique blend of eco-conscious living and social convenience.