The American
1000 The American Rd,
Morris Plains, NJ 07950
1-2 Beds | $2,911 - $4,175
Rental Market Trends in Morristown, NJ
What is the average rent in Morristown, NJ?
$2,469/month
Average Rent
765 Sq Ft
Average Apartment Size
-0.2%
Decrease in the Last Year
As of December 2024, the average rent in Morristown, NJ is $2,469 per month. This is 58% higher than the national average rent price of $1,560/month, making Morristown one of the most expensive cities in the US. When you rent an apartment in Morristown, you can expect to pay about $2,080 per month for a studio, $2,469 for a one-bedroom apartment, and around $3,329 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $3,286 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Morristown, NJ?
In the past year, rent has decreased by 0.2%, which averages out to $5 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Morristown, NJ
Last Updated December 2024
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
0%
$700 - $1,000/month
0%
$1,001 - $1,500/month
7%
$1,501 - $2,000/month
93%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Morristown?
Based on current rent prices, Downtown Morristown is the most affordable neighborhood in Morristown.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Morristown?
Based on current rent prices, Downtown Morristown is the most expensive neighborhood in Morristown.
Neighborhood
Average Rent
Average Sq Ft
Which Morristown neighborhoods have the most rentals available?
The neighborhood in Morristown with the most apartments available is Downtown Morristown .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Morristown, NJ?
Because the average rent in Morristown is $2,469, you’ll want to make about $8,230 per month or $98,760 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Morristown, NJ compare to other nearby cities and neighborhoods?
Use the tool below to compare Morristown, NJ to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$2,058/month
$2,058/month
One Bedroom
$2,609/month
$2,609/month
Two Bedroom
$3,631/month
$3,631/month
Three Bedroom
$4,130/month
$4,130/month
Nearby City Rent Trends
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Property Management Companies in Morristown, NJ
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71
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18,552
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3,191
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884,840
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48
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Veris Residential, Inc.
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11
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Cushman & Wakefield
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550
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135,507
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276
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1 Community in Morristown
Bozzuto
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353
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108,640
Units
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151
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1 Community in Morristown
Mill Creek Residential
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68
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20,593
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46
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AION Management
-
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19,457
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.