How much does it cost to rent in Madison, NJ?

As of August 2026, the median monthly rent in Madison, NJ is $3,485. This figure is based on aggregated data from public sources and community-submitted rents.

Is Madison cheaper than other New Jersey cities?

Madison is one of the pricier cities in New Jersey, ranking #13 out of 183 cities tracked at $3,485/mo.

When was Madison rent data last updated?

Madison rent data reflects August 2026 and was last refreshed on August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.

What is the Fair Market Rent in Madison, NJ?

HUD sets the Fair Market Rent for a two-bedroom home in Madison, NJ at $2,960 per month, which is 15% below the $3,485 market median. Fair Market Rent is the Housing Choice Voucher (Section 8) payment standard. It is a 40th-percentile gross rent that includes essential utilities such as electricity, water, gas, sewer, and trash, and HUD updates it once a year, so it measures something different from current market asking rent.

City Report · NJ

Madison

Name: Average Rent Prices in Madison, NJ
Creator: RentDataNow
License: https://creativecommons.org/licenses/by/4.0/

Pop. 16,447·13th most expensive in New Jersey·Madison rents are up 24.2% over the past year

Median rent (all units)

$3,485/mo

Year-over-Year

+24.2%

Month-over-Month

+3.9%

vs US Median

+$1,523

Rising (Monthly)

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Most AffordableMost Expensive

Madison · $3,485

More expensive than 95% of US cities · National median $1,962/mo

Affordability

24% of income

VERY AFFORDABLE

0%30% benchmark60%+

At $3,485/mo, rent takes about 24% of the local median household income, comfortably within the 30% benchmark.

Income to afford

$139,000/yr

Local median income

$171,471/yr

Based on the 30%-of-income rule using Madison's median rent and household income. See the full affordability breakdown →

Medians by bedroom

Rent by unit size

Studio

$2,150

1 BR

$2,450

2 BR

$2,960

3 BR

$3,730

4 BR+

$4,240

Fair Market Rent (HUD)

$2,960/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,485 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

Loading…

Last updated: August 17, 2026

Annual cost

$41,820/yr

At $3,485/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 24.2% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+24.2% YoY, +3.9% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Madison, NJ is majority owner-occupied, has a median income above the national average, 74.1% of residents hold a bachelor's degree or higher.

Population

16,447

Median income

$171,471

Median age

38.2

Renters

36.2%

Age distribution

23.2%

23.3%

26.2%

14%

13.3%

Under 1823.2%

18–3423.3%

35–5426.2%

55–6414%

65+13.3%

Gender

48%

52%

Male48%

Female52%

Race & ethnicity

75.1%

13.3%

White75.1%

Black1.5%

Hispanic13.3%

Asian6.3%

Other3.8%

Education (25+)

13.5%

74.1%

No HS diploma2.9%

HS diploma13.5%

Some college9.5%

Bachelor's+74.1%

Housing tenure

63.8%

36.2%

Owner63.8%

Renter36.2%

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

2023 vs 2026

How Madison, NJ has changed in 5 years

Rent

$2,757 → $3,485

up 26.4%

Income

$152,346 → $171,471

up 12.6%

Population

16,819 → 16,447

down 2.2%

Renter share

35.9% → 36.2%

+0.3 pts

Bachelor's+

69.8% → 74.1%

+4.3 pts

Median age

39.8 → 38.2

-1.6 yrs

Across the past five years, the going rent in Madison, NJ has shifted from $2,757 to $3,485, up 26.4% since 2023. On the earnings side, the typical household in Madison, NJ now reports about $171,471, up from $152,346 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Madison, NJ losing about 372 residents over the five-year window, down 2.2% on net. Bachelor's-degree-or-higher attainment moved from 69.8% to 74.1% across the same window. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and Madison, NJ reflects that arc in its own way.

Community

Discussions about Madison

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View Madison rent history (2015–2026) →

Salary vs rent

Can you afford rent in Madison on your salary?

At $3,485/mo, how Madison rent compares to typical pay (30% rule).

Registered Nurse

Avg $105,818/yr · Rent = 39.5% income

stretched

Elementary School Teacher

Avg $75,130/yr · Rent = 55.7% income

severely rent-burdened

Police Officer

Avg $86,542/yr · Rent = 48.3% income

rent-burdened

Software Developer

Avg $154,683/yr · Rent = 27% income

affordable

Lawyer

Avg $197,646/yr · Rent = 21.2% income

affordable

Firefighter

Avg $70,347/yr · Rent = 59.4% income

severely rent-burdened

Truck Driver

Avg $63,515/yr · Rent = 65.8% income

severely rent-burdened

Electrician

Avg $78,288/yr · Rent = 53.4% income

severely rent-burdened

By apartment size

Madison rent by bedroom count

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

Local insights

Tips for renters in Madison

About renting in Madison, NJ

Last updated: August 17, 2026

The median rent in Madison is $3,485/mo as of August 2026. A studio apartment averages $2,150/mo while a 2-bedroom runs $2,960/mo. One-bedroom apartments average $2,450/mo and 3-bedroom units go for $3,730/mo.

At 24% of local median household income ($171,471/yr), Madison ranks as affordable compared to the national benchmark of 30%. Rents have increased 24.2% over the past year.

FAQ

Frequently asked questions

Is Madison an affordable city for renters?

Madison is considered very affordable for renters. At $3,485/mo, rent takes approximately 24% of the local median household income ($171,471/yr). The standard benchmark is 30%. Madison falls comfortably within that range.

How much income do you need to rent in Madison?

To keep rent at or below 30% of gross income, you would need to earn at least $139,000/year (~$67/hour full-time) to afford the median rent of $3,485/mo in Madison. The local median household income is $171,471/yr, meaning the typical Madison household meets that threshold.

Is rent going up or down in Madison?

Rent in Madison has increased 24.2% over the past year as of August 2026, putting upward pressure on renter budgets.

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

Madison is one of the pricier cities in New Jersey for rent, ranking #13 out of 183 tracked cities at $3,485/mo.

Which nearby cities are cheaper to rent in than Madison?

Several nearby cities have lower median rents than Madison ($3,485/mo): Summit ($3,025/mo), Berkeley Heights ($3,357/mo), Chatham ($3,362/mo).

What percentage of Madison residents rent vs. own?

According to Census data, approximately 36.2% of Madison households are renters, while 63.8% are owner-occupied. Madison leans toward homeownership, which can mean a smaller rental inventory.

How does Madison rent compare to the national average?

Madison's median rent of $3,485/mo is $1,523 (78%) above the US national median of $1,962/mo. Within New Jersey, it ranks #13 out of 183 tracked cities.

Income Affordability

24%

VERY AFFORDABLE

At $3,485/mo, rent takes ~24% of Madison's median household income ($171,471/yr). The standard benchmark is 30%.

Madison 24%Benchmark 30%

State income tax1.4–10.75%

Run the Madison affordability calculator →

Nearby cities