Rental Homes in Cherry Hill, NJ
(2024 Case Study)
This month, our team at Signature Properties took a close look at the rental market in Cherry Hill, NJ, to better understand rental rates, unit sizes, occupancies and many other interesting stats in this area.
As part of doing business, we buy houses and turn them into rentals.
For that reason, this research was critical for us to better understand one of our main exit strategies in Cherry Hill.
Here’s what we found out:
Key Takeaways
- On average, a rental home in Cherry Hill will cost you $2,450 per month.
- 5% of all rentals in the area are single-family houses (vs. apartments, condos, etc.)
- 11% of rentals are 3-bedroom units. Most tenants with families prefer a 3-bedroom rental.
What Is The Average Rental Rate In Cherry Hill? It’s $2,450.
After researching the various rental listings and descriptions in Cherry Hill, NJ, we discovered that the median rental rate in Cherry Hill is $2,450. This is 16.7% higher than the national average of $2,099.
We also noticed that when considering all rental data available in Cherry Hill, the typical range (25th – 75th percentiles) is roughly between $2,000 and $3,000 per month. There are only a handful of landlords charging more than ~$3,000 – these are luxury or high-end rentals.
When compared to other places near Cherry Hill, such as Philadelphia, Wilmington, Allentown, and Lancaster, Cherry Hill’s house rental rates are mostly comparable but often a bit higher. You pay a premium for being in the suburbs right outside of the city of brotherly love!
Other locations, such as Trenton, NJ, however, have cheaper housing options.
Is your rental property in disrepair? You can easily sell it for cash to a professional home buyer in Cherry Hill.
Are There More LTRs than STRs in Cherry Hill, NJ? Yes, 319% More!
My team also noticed that Cherry Hill, NJ lists 319% more long-term rental homes for lease than short-term rental houses. While most listings are for long-term rentals, a smaller selection (19%) represents mid-term or short-term rental listings.
For the most part, these rental listings in Cherry Hill were active and available. However, there were a few already scooped up by tenants or “pending contract”. In a populated market like Cherry Hill, numbers can change quickly.
As pointed out above, many of the rentals were for an entire single-family home. However, there are other larger companies in Cherry Hill who have apartment buildings and townhomes for lease. Some of the major landlords in Cherry Hill include Morgan Properties, Prime Realty Partners and Penn-Jersey Realty.
Important note: not every rental unit is equal. Some have dedicated parking spaces, indoor garages, storage units and swimming pools. These perks often garner a larger monthly rental price.
11% of rental units in Cherry Hill, NJ are for single-family houses or townhomes
Under half of the rentals were for an entire single-family home or townhome. In Cherry Hill, you can also rent an apartments, condominiums, cooperative units or similar types of places.
How Many Rentals Are 3-Bedrooms Or More? Only 15% In Cherry Hill.
Most rentals with 3-bedrooms also have 1+ bathrooms.
Though there are some rentals that are categorized as studios or efficiencies, there is not a lot of those available.
And, as one might expect, the more bedrooms your rental house has…the bigger the price you will pay per month.
The market rate for 3-bedroom homes in Cherry Hill, NJ is currently $2,975.
Top 5 Rental Homes in Cherry Hill
After reviewing a sample of homes available for lease in Cherry Hill, NJ, we pulled out some current listings that we thought had potential:
- One-Bedroom Rental Option: For those who might not need a ton of space, this 1 bedroom option is central to Rt. 38 and all that Cherry Hill has to offer.
- Two-Bedroom Rental Option: You can also grab a two-bedroom option at the same location (Cherry Hill Towers), starting as low as $1,824 per month.
- Three-Bedroom Rental Option: Is having a whole house more your style? This option on Browning Lane is clean and spacious. For $3,500/month, it could be your next home.
- Four-Bedroom Rental Option: Let’s face it: small families need at least 4 bedrooms. And at this house, on Old Orchard Lane, you would get that a much more.
- Our Favorite Rental Option: $6,900/month is a lot for a rental, but you’d be living in luxury. Almost 7,000 square-feet with an indoor pool. You can’t beat that!
There were hundreds of other available properties, but this should give you a good taste of how the pricing and rental terms can fluctuate on a case by case basis. It’s also critical to understand Philadelphia’s different neighborhoods, which leads me to this:
Quick Tip: Cherry Hill is a great option overall. If you’re moving out of Philadelphia, it is the logical next step and closest metro. Before you sell your house in Philadelphia though, lock down your next rental or residence.
Conclusion
In general, Cherry Hill, NJ, presents an “expensive, but okay” rental market for those looking move to or relocate within. It’s certainly not the most expensive city in America, but it’s also not the cheapest by any means – especially when you consider lower cost options just minutes away in Philadelphia, Delaware and other locations around New Jersey.
Rental options are plentiful at the time of writing this case study if you’re a prospective tenant in Cherry Hill.
If you already own a rental house and you’re interested in selling, my team and I can help you get it done quickly and seamlessly. Find out here how you can sell your house fast in Cherry Hill.
One last tip: selling a house and moving into a rental is a big change. One way to stay organized is by making a list and schedule for yourself, movers, friends and family leading up to the big “moving day”.
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Author: Doug Greene
Doug Greene is no stranger to all topics real estate and business. For over a decade he has been educating others and helping homeowners navigate difficult, complex problems with their property.
His work has been featured in the NY Times, Washington Post, Realtor.com, Apartment Therapy, HomeLight, Homes & Gardens and many more.