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City Report · NJ

Parsippany

Pop. 21,345·49th most expensive in New Jersey·Parsippany rents are up 14.0% over the past year
Median rent (all units)
$2,925/mo
Year-over-Year
+14.0%
Month-over-Month
+0.3%
vs US Median
+$960
Stable (Monthly)
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Most AffordableMost Expensive
Parsippany · $2,925
More expensive than 89% of US cities · National median $1,965/mo
Rent Reality Score
44/100
Fairly priced
OverheatedFairGreat value

Rents are 3% above what Parsippany's 10-year trend predicts — running hotter than its own history.

Actual rent
$2,925/mo
Expected by trend
$2,842/mo
The Rent Reality Score compares today's median rent to where Parsippany's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,740
1 BR
$1,980
2 BR
$2,400
3 BR
$3,020
4 BR+
$3,440
Research median
$2,400/mo

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

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$35,100/yr
At $2,925/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 14.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+14.0% YoY, +0.3% MoM), not inventory.
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Demographics

Who lives here

Parsippany, NJ is roughly split between renters and owners, has a large retiree population, has a median income above the national average, 59.8% of residents hold a bachelor's degree or higher.

Population
21,345
Median income
$99,405
Median age
42.2
Renters
51.6%
Age distribution
16.6%
20.3%
27.9%
13.8%
21.4%
Under 1816.6%
18–3420.3%
35–5427.9%
55–6413.8%
65+21.4%
Gender
50.7%
49.3%
Male50.7%
Female49.3%
Race & ethnicity
39%
45.2%
White39%
Black5.2%
Hispanic10.4%
Asian45.2%
Education (25+)
16.5%
15.3%
59.8%
No HS diploma8.4%
HS diploma16.5%
Some college15.3%
Bachelor's+59.8%
Housing tenure
48.4%
51.6%
Owner48.4%
Renter51.6%

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

2022 vs 2026

How Parsippany, NJ has changed in 5 years

Rent
$2,271 → $2,925
up 28.8%
Income
$96,096 → $99,405
up 3.4%
Population
21,931 → 21,345
down 2.7%
Renter share
51.4% → 51.6%
+0.2 pts
Bachelor's+
60% → 59.8%
-0.2 pts
Median age
40 → 42.2
+2.2 yrs

The median rent in Parsippany, NJ stood at $2,271 in 2022 and currently runs about $2,925, reflecting a 28.8% increase over the period. Local incomes tracked alongside that move, going from a median of $96,096 in 2021 to $99,405 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 2.7% since 2021, moving from about 21,931 residents to roughly 21,345. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Parsippany, NJ market of 2022.

Community

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

Can you afford rent in Parsippany on your salary?

At $2,925/mo, how Parsippany rent compares to typical pay (30% rule).

By apartment size

Parsippany rent by bedroom count

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

Local insights

Tips for renters in Parsippany

About renting in Parsippany, NJ

Last updated: July 20, 2026

The median rent in Parsippany is $2,925/mo as of July 2026. A studio apartment averages $1,740/mo while a 2-bedroom runs $2,400/mo. One-bedroom apartments average $1,980/mo and 3-bedroom units go for $3,020/mo.

At 35% of local median household income ($99,405/yr), Parsippany ranks as moderate compared to the national benchmark of 30%. Rents have increased 14.0% over the past year.

FAQ

Frequently asked questions

Is Parsippany an affordable city for renters?

Parsippany is considered moderate for renters. At $2,925/mo, rent takes approximately 35% of the local median household income ($99,405/yr). The standard benchmark is 30%. Parsippany slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Parsippany?

To keep rent at or below 30% of gross income, you would need to earn at least $117,000/year (~$56/hour full-time) to afford the median rent of $2,925/mo in Parsippany. The local median household income is $99,405/yr, meaning the typical Parsippany household falls short of that threshold.

Is rent going up or down in Parsippany?

Rent in Parsippany has increased 14.0% over the past year as of July 2026, putting upward pressure on renter budgets.

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

Parsippany is one of the pricier cities in New Jersey for rent, ranking #49 out of 180 tracked cities at $2,925/mo.

Which nearby cities are cheaper to rent in than Parsippany?

Pine Brook is nearby and more affordable at $2,871/mo, which is $54 less than Parsippany.

What percentage of Parsippany residents rent vs. own?

According to Census data, approximately 51.6% of Parsippany households are renters, while 48.4% are owner-occupied. With a majority renter population, Parsippany has a strong rental market.

How does Parsippany rent compare to the national average?

Parsippany's median rent of $2,925/mo is $960 (49%) above the US national median of $1,965/mo. Within New Jersey, it ranks #49 out of 180 tracked cities.
Income Affordability
35%
MODERATE

At $2,925/mo, rent takes ~35% of Parsippany's median household income ($99,405/yr). The standard benchmark is 30%.

Parsippany 35%Benchmark 30%
State income tax1.4–10.75%
Run the Parsippany affordability calculator →
Lowest-rent ZIP codes in Parsippany
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Parsippany, NJ

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