Data Report

Population and Household Demographics

The population of the Newark Downtown District grew 7% to 13,589 residents in 2020 (latest available) from 12,579 residents in 2010. Downtown Newark offers residents attractive features with its convenient access to County and Municipal office buildings, major corporations, and Newark’s universities and colleges. In addition, it includes major cultural institutions and entertainment centers offering a live/work/play address. Finally, it is a transportation center with two major rail hubs—Newark Penn Station and Newark Broad Street—and one of the metropolitan’s three airports—Newark Liberty International Airport.

The age distribution highlights a young population between 20 and 44 years old, which represents approximately 60% of the population. The data highlights that the downtown is home to young professionals, educators, and students attending Newark’s universities.

Newark’s largest racial groups in 2020 are as follows:

• Black residents: 40.5%

• Hispanic: 23.2%

• White: 18.6%

• Other race (not disclosed): 13.2%

The notable changes in Newark’s racial groups has been an increase in the Hispanic population of 5.7% to 23.2% of the population in 2020 versus 17.5% in 2010. Other races also had a sizable increase of 13.2% in 2022 versus 7.7% in 2010. On the other hand, the black or African population declined 4.7% to 40.5% in 2020 versus 45.2% in 2010. The white population declined 4.3% to 18.6% in 2020 versus 22.9% in 2010. The Asian population declined 2.8% to 3.9% in 2020 versus 6.7% in 2010.

NDD Racial Diversity 

Age Distribution 2010 vs. 2020

Housing

Since 2010, the trend in owner versus renter has been very static and changed little with approximately 10% of total units owner-occupied and approximately 90% renter occupied. We would note that the core downtown does not have an inventory of single-family homes and the owner-occupied homes are smaller apartment buildings and the downtown’s historic townhomes.

Apartment construction has centered on building of new multifamily towers and renovation of existing commercial buildings such as the 264-unit Walker House located at 540 Broad Street. Since 2010, the number of apartment units in the downtown has increased 345% to 2,185 units in 2022 from 634 units in 2010. Average rent per unit has increased 19% to $2,269 per unit from $1,900 per unit.

Development activity has accelerated under the Baraka Administration. Since 2017, rental housing inventory in the core downtown has increased 259% to 2,185 units from 843 units. The pandemic impacted new construction, where deliveries slowed with no deliveries in the second half of 2021 and the first nine months of 2022. The first project to deliver in 2022 was in October, with the completion of the 250-unit Newark Urby located at 155 Washington Street. A number of projects are under construction or in the planning stages.

The core downtown has a total of seven multifamily development projects under construction, with a total of 1,139 units representing an increase in inventory of 52%. In addition, a total of 15 projects are planned, with a total of 8,407 units.

Beginning in 2018, development deliveries accelerated, which pressured multifamily occupancy. Newly constructed units began to lease up but the pandemic temporarily derailed initial lease up. In early 2021 a strong recovery started and occupancy has been trending at 95% for the last several quarters.

Given the strong demand for apartments, rents have increased. The exception is with the larger three-bedroom units where supply is limited at approximately 5% of total inventory. 

Multifamily Rent per Unit  

• Studio: Increased 12.8% to $1,768 per unit in 2022 from $1,568 per unit in 2017;

• One Bedroom: Increased 10.6% to $2,130 per unit from $1,926 per unit;

• Two Bedroom: Increased 11.0% to $2,620 per unit from $2,360 per unit;

• Three Bedroom: Declined 2.2% to $3,012 per unit from $3,080 per unit.

Multifamily Occupancy vs. Quarter

Educational attainment

From 2010 to 2022 (latest available), the number of residents in the core downtown district with some college has increased 3.6% to 45.1% from 41.5%. The number of residents with an Associate degree increased the most by 5.6% to 8.5% from 2.9% followed by the number of residents with an advanced degree, which increased 2.8% to 10.1% from 7.3% while the number of residents with a Bachelor’s degree declined by 4.7% to 12.2% from 16.9%. The increase in residents with some college drove down the number of residents with solely a high-school diploma or less, which declined 3.6% to 54.9% from 58.5%.

Educational Attainment

Employment

The downtown’s employment is centered around the following professions/trades in 2020:

• Educational services, healthcare and social assistance: 28.7% of total employment

• Retail trade: 12.1%

• Professional, scientific, management, administrative, and waste management: 11.8%

• Transportation, warehousing, and utilities: 11.3%

• Arts, entertainment, recreation, and food services: 7.8%

We would note the increase in educational services, etc. to 28.7% of total employment in 2020 from 24.1% in 2010 along with the increase in professional, scientific, etc. to 11.8% in 2020 from 10.6% in 2010. Education, healthcare, and professional services continue to dominate the downtown’s employment picture with the presence of Newark’s universities, hospitals, and corporate offices.

Newark’s employment base is concentrated in the following areas:

• Central business district (CBD): 54,000 jobs

• South Broad Street/South Ironbound, (which includes Newark Liberty International Airport): 37,240 jobs

• Fairmount neighborhood, which includes Rutgers University’s Newark Campus, New Jersey Institute of Technology (NJIT), Essex County College, and St. Michaels Medical Center: 23,848 jobs

• Weequahic: 7,410 jobs

Local Employment Household Dynamic

Total Number of Jobs by Zip Code

Source: On-the-Map Origin-Destination Employment Statistics (LODES), Year 2019

Inflow/Outflow of Jobs in Newark (2019)

The map highlights the neighborhoods commuting into the CBD, with the dark blue areas representing the highest percentages of commuters coming into the CBD. The map highlights that Newark’s residents are a significant percentage of workers commuting into the CBD. Also, residents from Elizabeth, Jersey City, and Hoboken commute downtown. Newark offers convenient intracity access with its Newark Light Rail and numerous bus routes along with the two major commuter stations at Newark Penn Station and Broad Street Station.