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City Report · NJ

Chatham

Pop. 9,407·23rd most expensive in New Jersey·Chatham rents are up 16.1% over the past year
Median rent (all units)
$3,362/mo
Year-over-Year
+16.1%
Month-over-Month
+2.8%
vs US Median
+$1,400
Rising (Monthly)
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Most AffordableMost Expensive
Chatham · $3,362
More expensive than 94% of US cities · National median $1,962/mo
Affordability
17% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $3,362/mo, rent takes about 17% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$134,000/yr
Local median income
$241,500/yr
Based on the 30%-of-income rule using Chatham's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$2,240
1 BR
$2,550
2 BR
$3,090
3 BR
$3,890
4 BR+
$4,430
Fair Market Rent (HUD)
$3,090/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,362 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$40,344/yr
At $3,362/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 16.1% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+16.1% YoY, +2.8% MoM), not inventory.
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Demographics

Who lives here

Chatham, NJ is majority owner-occupied, has a large share of families with children, has a median income above the national average, 83.7% of residents hold a bachelor's degree or higher.

Population
9,407
Median income
$241,500
Median age
37.8
Renters
17.5%
Age distribution
32.7%
14%
31.1%
Under 1832.7%
18–3414%
35–5431.1%
55–6412%
65+10.2%
Gender
50.5%
49.5%
Male50.5%
Female49.5%
Race & ethnicity
79.9%
White79.9%
Black0.7%
Hispanic5.4%
Asian11.6%
Other2.4%
Education (25+)
83.7%
No HS diploma0.9%
HS diploma5.6%
Some college9.8%
Bachelor's+83.7%
Housing tenure
82.5%
17.5%
Owner82.5%
Renter17.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Chatham, NJ has changed in 5 years

Income
$209,283 → $241,500
up 15.4%
Population
9,208 → 9,407
up 2.2%
Renter share
18.9% → 17.5%
-1.4 pts
Bachelor's+
79% → 83.7%
+4.7 pts
Median age
39.5 → 37.8
-1.7 yrs

Local incomes tracked alongside that move, going from a median of $209,283 in 2021 to $241,500 more recently. Headcount in the area went from 9,208 to 9,407 between 2021 and 2024, a 2.2% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 79% to 83.7%.

Community

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View Chatham rent history (2015–2026) →
Salary vs rent

Can you afford rent in Chatham on your salary?

At $3,362/mo, how Chatham rent compares to typical pay (30% rule).

By apartment size

Chatham rent by bedroom count

Median rent for each apartment size in Chatham. Click any size for full breakdown.

Local insights

Tips for renters in Chatham

About renting in Chatham, NJ

Last updated: August 17, 2026

The median rent in Chatham is $3,362/mo as of August 2026. A studio apartment averages $2,240/mo while a 2-bedroom runs $3,090/mo. One-bedroom apartments average $2,550/mo and 3-bedroom units go for $3,890/mo.

At 17% of local median household income ($241,500/yr), Chatham ranks as affordable compared to the national benchmark of 30%. Rents have increased 16.1% over the past year.

FAQ

Frequently asked questions

Is Chatham an affordable city for renters?

Chatham is considered very affordable for renters. At $3,362/mo, rent takes approximately 17% of the local median household income ($241,500/yr). The standard benchmark is 30%. Chatham falls comfortably within that range.

How much income do you need to rent in Chatham?

To keep rent at or below 30% of gross income, you would need to earn at least $134,000/year (~$64/hour full-time) to afford the median rent of $3,362/mo in Chatham. The local median household income is $241,500/yr, meaning the typical Chatham household meets that threshold.

Is rent going up or down in Chatham?

Rent in Chatham has increased 16.1% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Chatham rent compare to other cities in New Jersey?

Chatham is one of the pricier cities in New Jersey for rent, ranking #23 out of 183 tracked cities at $3,362/mo.

Which nearby cities are cheaper to rent in than Chatham?

Several nearby cities have lower median rents than Chatham ($3,362/mo): Springfield ($2,727/mo), Summit ($3,025/mo), Berkeley Heights ($3,357/mo).

What percentage of Chatham residents rent vs. own?

According to Census data, approximately 17.5% of Chatham households are renters, while 82.5% are owner-occupied. Chatham leans toward homeownership, which can mean a smaller rental inventory.

How does Chatham rent compare to the national average?

Chatham's median rent of $3,362/mo is $1,400 (71%) above the US national median of $1,962/mo. Within New Jersey, it ranks #23 out of 183 tracked cities.
Income Affordability
17%
VERY AFFORDABLE

At $3,362/mo, rent takes ~17% of Chatham's median household income ($241,500/yr). The standard benchmark is 30%.

Chatham 17%Benchmark 30%
State income tax1.4–10.75%
Run the Chatham affordability calculator →
Lowest-rent ZIP codes in Chatham
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Chatham, NJ

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