Cape May, NJ Condos for Rent

The median rent for a condo in Cape May, NJ is $5,663 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option.

To comfortably afford the median rent in Cape May, NJ, a household needs to earn roughly $226,520 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $5,663 per month in Cape May, NJ, renters typically need to show $16,989 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.

In Cape May, NJ, the price-to-rent ratio is 10.4, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.