Is the rental market in Monmouth County slow? Why?
Asbury Park:
There were 14 annual rentals that successfully closed between Nov. 1 – Nov 30, 2024.
There are currently 69 available annual rentals in Asbury Park
Long Branch:
There were 17 annual rentals that successfully closed between Nov. 1 – Nov 30, 2024.
There are currently 114 available annual rentals in Long Branch
Red Bank:
There were 13 annual rentals that successfully closed between Nov. 1 – Nov 30, 2024.
There are currently 46 available annual rentals in Red Bank
Key Drivers
High rents + affordability squeeze
One study of the county found that nearly half (49 %) of renter households are “rent burdened” (spending > 30 % of income on rent).
Also: the county reports that market rents are now significantly above the HUD/affordable-housing thresholds.
When rental cost growth outpaces wage growth (or when incomes are relatively stagnant), some renters either delay moving or reduce their search — which can reduce turnover and slow the rental market.
Limited new affordable rental supply / older rental stock
The rental housing stock in Monmouth County is older (for renter-occupied housing, 37.9 % built before 1960) which may mean more maintenance issues, less desirable units.
The county reports that while there is high demand for affordable rental units, the availability remains extremely limited.
If new supply is weak especially at the “affordable” tier, then fewer moves may occur (since renters may stay put longer rather than relocating) which can dampen overall market activity.
Commute, taxes, cost of living and location dynamics
Monmouth is a more expensive market (property taxes are high, cost of living is higher than many other counties). Some prospective renters may choose cheaper locations, reducing demand in certain segments.
Also, remote/hybrid work may allow renters to consider more affordable areas outside of Monmouth County, reducing pressure.
Mismatch between what’s available and what renters want
With older housing stock, high rents, and many renters cost-burdened, there may be a mismatch: e.g., units being offered are priced out of reach of many local renters, or units need upgrades to attract tenants.
Macro trends: New Jersey rental market absorption & oversupply in some segments
A recent report for NJ showed that in Q1 2025, the vacancy rate for buildings with 5+ units was 8.2 %, the highest since early 2021.
In some cases, newer units may be slower to lease up (which can create perception of a “slow” rental market) even if older units are still doing well.
Practical implications for landlords / property managers in Monmouth
Be aware of rental pricing: Overpricing units in a cost‐burdened market may lead to longer vacancies.
Upgrade condition/amenities to match renter expectations – especially older stock needs attention.
Communicate value: If you’re charging premium rents (because of location, amenities), make sure it’s clearly justified.
Consider longer leases (since turnover appears slower) to lock in tenants and reduce vacancy risk.
For smaller/local landlords: Be aware of the affordability limits for many renters – over-indexing rent increases may reduce the pool of qualified tenants.
