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

As of July 2026, the median monthly rent in Morristown, NJ is $2,860. This figure is based on aggregated data from public sources and community-submitted rents.

Is Morristown cheaper than other New Jersey cities?

Morristown is one of the pricier cities in New Jersey, ranking #59 out of 180 cities tracked at $2,860/mo.

When was Morristown rent data last updated?

Morristown rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

Is Morristown a renter's market or a landlord's market?

Based on RentDataNow's Rent Market Meter, Morristown is currently a renter's market. Rents are softening (down 1.6% YoY), so renters have negotiating leverage. The meter is derived from rent-price momentum (year-over-year and month-over-month change), not inventory levels.

City Report · NJ

Morristown

Name: Average Rent Prices in Morristown, NJ
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 20,453·59th most expensive in New Jersey·One of the pricier rental markets in the US

Median rent (all units)

$2,860/mo

Year-over-Year

-1.6%

Month-over-Month

-1.5%

vs US Median

+$895

Falling (Monthly)

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Most AffordableMost Expensive

Morristown · $2,860

More expensive than 88% of US cities · National median $1,965/mo

Rent Reality Score

62/100

Good value

OverheatedFairGreat value

Rents are 6% below what Morristown's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$2,860/mo

Expected by trend

$3,039/mo

The Rent Reality Score compares today's median rent to where Morristown's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$2,230

1 BR

$2,540

2 BR

$3,070

3 BR

$3,870

4 BR+

$4,400

Research median

$3,070/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$34,320/yr

At $2,860/mo median

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 1.6% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-1.6% YoY, -1.5% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

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.

Population

20,453

Median income

$121,340

Median age

34.2

Renters

63.3%

Age distribution

17%

34.5%

23.7%

14.3%

Under 1817%

18–3434.5%

35–5423.7%

55–6410.4%

65+14.3%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

52.6%

32.9%

White52.6%

Black7.5%

Hispanic32.9%

Asian4.2%

Other2.9%

Education (25+)

18.6%

13.9%

58.1%

No HS diploma9.4%

HS diploma18.6%

Some college13.9%

Bachelor's+58.1%

Housing tenure

36.7%

63.3%

Owner36.7%

Renter63.3%

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

2021 vs 2026

How Morristown, NJ has changed in 5 years

Rent

$2,305 → $2,860

up 24.1%

Income

$112,570 → $121,340

up 7.8%

Population

20,003 → 20,453

up 2.2%

Renter share

63.7% → 63.3%

-0.4 pts

Bachelor's+

57.9% → 58.1%

+0.2 pts

Since 2021, the typical rent in Morristown, NJ has increased from $2,305 to $2,860, a 24.1% 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.

Community

Discussions about Morristown

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View Morristown rent history (2015–2026) →

Salary vs rent

Can you afford rent in Morristown on your salary?

At $2,860/mo, how Morristown rent compares to typical pay (30% rule).

Registered Nurse

Avg $105,818/yr · Rent = 32.4% income

stretched

Elementary School Teacher

Avg $75,130/yr · Rent = 45.7% income

rent-burdened

Police Officer

Avg $86,542/yr · Rent = 39.7% income

stretched

Software Developer

Avg $154,683/yr · Rent = 22.2% income

affordable

Lawyer

Avg $197,646/yr · Rent = 17.4% income

very comfortable

Firefighter

Avg $70,347/yr · Rent = 48.8% income

rent-burdened

Truck Driver

Avg $63,515/yr · Rent = 54% income

severely rent-burdened

Electrician

Avg $78,288/yr · Rent = 43.8% income

rent-burdened

By apartment size

Morristown rent by bedroom count

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

Local insights

Tips for renters in Morristown

About renting in Morristown, NJ

Last updated: July 20, 2026

The median rent in Morristown is $2,860/mo as of July 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 28% of local median household income ($121,340/yr), Morristown ranks as affordable compared to the national benchmark of 30%. Rents have decreased 1.6% over the past year.

FAQ

Frequently asked questions

Is Morristown an affordable city for renters?

Morristown is considered affordable for renters. At $2,860/mo, rent takes approximately 28% of the local median household income ($121,340/yr). The standard benchmark is 30%. Morristown falls comfortably within that range.

How much income do you need to rent in Morristown?

To keep rent at or below 30% of gross income, you would need to earn at least $114,000/year (~$55/hour full-time) to afford the median rent of $2,860/mo in Morristown. The local median household income is $121,340/yr, meaning the typical Morristown household meets that threshold.

Is rent going up or down in Morristown?

Rent in Morristown has decreased 1.6% over the past year as of July 2026, offering some relief compared to 12 months ago.

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

Morristown is one of the pricier cities in New Jersey for rent, ranking #59 out of 180 tracked cities at $2,860/mo.

Which nearby cities are cheaper to rent in than Morristown?

Randolph is nearby and more affordable at $2,049/mo, which is $811 less than Morristown.

What percentage of Morristown residents rent vs. own?

According to Census data, approximately 63.3% of Morristown households are renters, while 36.7% are owner-occupied. With a majority renter population, Morristown has a strong rental market.

How does Morristown rent compare to the national average?

Morristown's median rent of $2,860/mo is $895 (46%) above the US national median of $1,965/mo. Within New Jersey, it ranks #59 out of 180 tracked cities.

Income Affordability

28%

AFFORDABLE

At $2,860/mo, rent takes ~28% of Morristown's median household income ($121,340/yr). The standard benchmark is 30%.

Morristown 28%Benchmark 30%

State income tax1.4–10.75%

Run the Morristown affordability calculator →

Nearby cities