Palisades Park, NJ, located in Bergen County, New Jersey, is a city well-equipped with Korean community infrastructure, making it a popular choice for 1-2 person households, students, and professionals who value access to New York City and the Korean community. Here's a summary of the rental market trends and prices for different types of rentals in Palisades Park as of 2025.

The average monthly rent for a 1-bedroom apartment in Palisades Park is currently between $1,800 and $2,400. Prices vary based on factors such as the age of the building, whether it has been remodeled, the number of floors, and whether parking and utilities are included. While older buildings may offer 1-bedrooms for around $1,700 per month, newly constructed or recently remodeled buildings can exceed $2,500 per month. Many landlords require an annual income of at least 40 times the monthly rent, meaning that proof of income between $70,000 and $90,000 is generally required to rent a 1-bedroom.

Studio rentals are priced between $1,500 and $1,900 per month, which is about 30-40% cheaper compared to Manhattan. The ability to reach Manhattan in 30-40 minutes by bus or car via the George Washington Bridge (GWB) is one reason why New York professionals prefer renting in Palisades Park. NJ Transit bus routes 175 and 177 connect Palisades Park directly to the Port Authority Bus Terminal in Manhattan.

For 2-bedroom apartments, the monthly rent ranges from $2,300 to $3,200. There is limited supply for 2-bedroom listings in Palisades Park, and they tend to get leased quickly when available. Buildings near Broad Avenue, close to H Mart, Korean restaurants, and other amenities, see high demand from Korean tenants. Due to low vacancy rates, it's advisable to start searching for listings at least 2-3 months in advance if you are planning to move.

In addition to rent, other costs to consider include parking fees ($50-$150 per month), utilities (electricity, gas, water, estimated at $100-$200 per month), and internet ($50-$80 per month). Some buildings may include heating in the rent, so it's important to confirm this before signing a lease. The security deposit is typically equal to one month's rent, and under New Jersey law, landlords must apply interest to the deposit. Rental assistance programs can be checked through the Palisades Park municipal office or the New Jersey state housing assistance office if income criteria are met.

The rental market in Palisades Park continues to show steady growth, influenced by the overall New York metro area. Rent has increased by about 5-10% between 2023 and 2024, and with limited new supply and ongoing demand, a decrease in rent in the short term is unlikely. When signing a lease, be sure to carefully review the renewal terms, early termination penalties, and pet policies.