Rents are 4% 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 $2,927 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: August 17, 2026
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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 $2,305 to $2,927, a 27.0% 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 $2,927/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: August 17, 2026
The median rent in Morristown is $2,927/mo as of August 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 29% of local median household income ($121,340/yr), Morristown ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.2% over the past year.
Frequently asked questions
Is Morristown an affordable city for renters?
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Is rent going up or down in Morristown?
How does Morristown rent compare to other cities in New Jersey?
Which nearby cities are cheaper to rent in than Morristown?
What percentage of Morristown residents rent vs. own?
How does Morristown rent compare to the national average?
At $2,927/mo, rent takes ~29% 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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