500 Parq Ln
500 Parq Ln,
Parsippany, NJ 07054
Studio - 3 Beds | $2,336 - $5,022
Rental Market Trends in Parsippany, NJ
What is the average rent in Parsippany, NJ?
$1,891/month
Average Rent
758 Sq Ft
Average Apartment Size
+2.8%
Increase in the Last Year
As of December 2024, the average rent in Parsippany, NJ is $1,891 per month. This is 21% higher than the national average rent price of $1,560/month, making Parsippany one of the most expensive cities in the US. When you rent an apartment in Parsippany, you can expect to pay about $2,349 per month for a studio, $1,891 for a one-bedroom apartment, and around $2,433 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $3,519 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 Parsippany, NJ?
In the past year, rent has increased by 2.8%, which averages out to $54 more 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 Parsippany, NJ
Last Updated December 2024
$1,501 - $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
50%
$1,501 - $2,000/month
50%
Above $2,000/month
What salary do I need to live comfortably in Parsippany, NJ?
Because the average rent in Parsippany is $1,891, you’ll want to make about $6,303 per month or $75,636 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 Parsippany, NJ compare to other nearby cities and neighborhoods?
Use the tool below to compare Parsippany, 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.
Nearby City Rent Trends
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AvalonBay
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LPZ-Bertram Management
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15
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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.