Rents are 3% below what Morristown's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,119 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 →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Morristown usually run 0.7% below trend in January and 0.6% above it in October, about $41 a month apart at today's median. Based on 9 years of data.
Rent in Morristown is at its highest level since Zillow's records here began in January 2017.
Rent in Morristown changed +2.1% over the year to September 2026. Across the 121 New Jersey cities Zillow tracks, the typical change was +3.1%.
From 2019 to 2024, rent in Morristown rose 22.8% while median household income rose 25.7% ($96,545 to $121,340). Income kept ahead of rent.
Rent in Morristown is 31.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 6 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($121,340) is $3,034 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($2,540); a 2-bedroom is $3,070.
Randolph, 6 miles away, rents for 28% less ($2,241/mo), about $10,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Morristown. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Morristown, NJ is majority renter-occupied, skews toward younger working-age adults, has a median income above the national average, 58.1% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Morristown, NJ has changed in 5 years
Since 2021, the typical rent in Morristown, NJ has increased from $2,365 to $3,119, a 31.9% change over five years. Median household income rose from $112,570 to $121,340 between 2021 and 2024, a 7.8% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.2% since 2021, moving from about 20,003 residents to roughly 20,453. Taken together, the five-year picture in Morristown, NJ reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Can you afford rent in Morristown on your salary?
At $3,119/mo, how Morristown rent compares to typical pay (30% rule).
Morristown rent by bedroom count
Median rent for each apartment size in Morristown. Click any size for full breakdown.
Tips for renters in Morristown
Last updated: October 17, 2026
The median rent in Morristown is $3,119/mo as of October 2026. A studio apartment averages $2,230/mo while a 2-bedroom runs $3,070/mo. One-bedroom apartments average $2,540/mo and 3-bedroom units go for $3,870/mo.
At 31% of local median household income ($121,340/yr), Morristown ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.1% over the past year.
Frequently asked questions
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How does Morristown rent compare to other cities in New Jersey?
At $3,119/mo, rent takes ~31% of Morristown's median household income ($121,340/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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