RentDataNowRentDataNow
City Report · NJ

Pennington

Pop. 2,827·46th most expensive in New Jersey·Pennington rents are up 7.6% over the past year
Median rent (all units)
$2,947/mo
Year-over-Year
+7.6%
Month-over-Month
+1.3%
vs US Median
+$982
Rising (Monthly)
Be the first to discuss Pennington rents ↓
Most AffordableMost Expensive
Pennington · $2,947
More expensive than 90% of US cities · National median $1,965/mo
Affordability
18% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $2,947/mo, rent takes about 18% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$118,000/yr
Local median income
$192,586/yr
Based on the 30%-of-income rule using Pennington's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,780
1 BR
$2,050
2 BR
$2,590
3 BR
$3,120
4 BR+
$3,510
Research median
$2,590/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
$35,364/yr
At $2,947/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.6% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.6% YoY, +1.3% MoM), not inventory.
Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Pennington, NJ is majority owner-occupied, has a large retiree population, has a median income above the national average, 73.4% of residents hold a bachelor's degree or higher.

Population
2,827
Median income
$192,586
Median age
47.8
Renters
18.3%
Age distribution
22%
12.7%
27%
15.2%
23%
Under 1822%
18–3412.7%
35–5427%
55–6415.2%
65+23%
Gender
49.1%
50.9%
Male49.1%
Female50.9%
Race & ethnicity
85.2%
White85.2%
Black1.8%
Hispanic4.4%
Asian8%
Other0.6%
Education (25+)
13.2%
73.4%
No HS diploma1.5%
HS diploma13.2%
Some college11.9%
Bachelor's+73.4%
Housing tenure
81.7%
18.3%
Owner81.7%
Renter18.3%

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

2021 vs 2026

How Pennington, NJ has changed in 5 years

Income
$141,250 → $192,586
up 36.3%
Population
2,777 → 2,827
up 1.8%
Renter share
23.7% → 18.3%
-5.4 pts
Bachelor's+
76.9% → 73.4%
-3.5 pts

Local incomes tracked alongside that move, going from a median of $141,250 in 2021 to $192,586 more recently. Census counts show Pennington, NJ adding about 50 residents over the five-year window, up 1.8% on net. The renter share has eased from 23.7% to 18.3%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 76.9% to 73.4% across the same window.

Community

Discussions about Pennington

No discussions yet. Start the conversation.

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

Can you afford rent in Pennington on your salary?

At $2,947/mo, how Pennington rent compares to typical pay (30% rule).

By apartment size

Pennington rent by bedroom count

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

Local insights

Tips for renters in Pennington

About renting in Pennington, NJ

Last updated: July 20, 2026

The median rent in Pennington is $2,947/mo as of July 2026. A studio apartment averages $1,780/mo while a 2-bedroom runs $2,590/mo. One-bedroom apartments average $2,050/mo and 3-bedroom units go for $3,120/mo.

At 18% of local median household income ($192,586/yr), Pennington ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.6% over the past year.

FAQ

Frequently asked questions

Is Pennington an affordable city for renters?

Pennington is considered very affordable for renters. At $2,947/mo, rent takes approximately 18% of the local median household income ($192,586/yr). The standard benchmark is 30%. Pennington falls comfortably within that range.

How much income do you need to rent in Pennington?

To keep rent at or below 30% of gross income, you would need to earn at least $118,000/year (~$57/hour full-time) to afford the median rent of $2,947/mo in Pennington. The local median household income is $192,586/yr, meaning the typical Pennington household meets that threshold.

Is rent going up or down in Pennington?

Rent in Pennington has increased 7.6% over the past year as of July 2026, putting upward pressure on renter budgets.

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

Pennington is one of the pricier cities in New Jersey for rent, ranking #46 out of 180 tracked cities at $2,947/mo.

Which nearby cities are cheaper to rent in than Pennington?

Several nearby cities have lower median rents than Pennington ($2,947/mo): Morrisville ($1,678/mo), Ewing ($2,142/mo), Yardley ($2,661/mo).

What percentage of Pennington residents rent vs. own?

According to Census data, approximately 18.3% of Pennington households are renters, while 81.7% are owner-occupied. Pennington leans toward homeownership, which can mean a smaller rental inventory.

How does Pennington rent compare to the national average?

Pennington's median rent of $2,947/mo is $982 (50%) above the US national median of $1,965/mo. Within New Jersey, it ranks #46 out of 180 tracked cities.
Income Affordability
18%
VERY AFFORDABLE

At $2,947/mo, rent takes ~18% of Pennington's median household income ($192,586/yr). The standard benchmark is 30%.

Pennington 18%Benchmark 30%
State income tax1.4–10.75%
Run the Pennington affordability calculator →
Lowest-rent ZIP codes in Pennington
Compare

How does this area stack up?

Pick another city or ZIP to compare.

Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Pennington, NJ

Recent submissions

Be the first to submit your rent for Pennington.

Recent discussions

No discussions yet.