Rents are 6% below what Parsippany'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 $2,832 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
Rent in Parsippany is at its highest level since Zillow's records here began in December 2021.
Rent in Parsippany changed +3.2% over the year to September 2026. Across the 121 New Jersey cities Zillow tracks, the typical change was +3.1%.
Rent rose in 9 of the last 12 months.
30% of the median household income ($99,405) is $2,485 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,400); a 3-bedroom is $3,020.
Boonton, 6 miles away, rents for 11% less ($2,523/mo), about $3,700 a year in savings.
From Zillow's monthly rent index (ZORI) for Parsippany. 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
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Parsippany, NJ has changed in 5 years
The median rent in Parsippany, NJ stood at $2,297 in 2022 and currently runs about $2,832, reflecting a 23.3% 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.
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Can you afford rent in Parsippany on your salary?
At $2,832/mo, how Parsippany rent compares to typical pay (30% rule).
Parsippany rent by bedroom count
Median rent for each apartment size in Parsippany. Click any size for full breakdown.
Tips for renters in Parsippany
Last updated: October 17, 2026
The median rent in Parsippany is $2,832/mo as of October 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 34% of local median household income ($99,405/yr), Parsippany ranks as moderate compared to the national benchmark of 30%. Rents have increased 3.2% over the past year.
Frequently asked questions
How much income do you need to rent in Parsippany?
Is rent going up or down in Parsippany?
How does Parsippany rent compare to other cities in New Jersey?
Which nearby cities are cheaper to rent in than Parsippany?
At $2,832/mo, rent takes ~34% of Parsippany's median household income ($99,405/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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