Morristown, New Jersey Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Morristown, New Jersey rental market.
Morristown, New Jersey
Average Apartment Rent
$2,892
Y-o-Y Change in Average
Apartment Rent
2.7%
As of May 2026
Compared to a year ago, Morristown, New Jersey apartments have recorded a 2.7% rent increase.
Morristown, New Jersey Average apartment rent trend
Morristown, New Jersey Average Apartment Rent
Morristown, New Jersey Apartment rent ranges
At 37.35%, apartments priced $2,500 - $3,000 represent the bulk of Morristown, New Jersey rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 1.76%.
Morristown, New Jersey Housing tenure**
Renters take up 63% of Morristown, New Jersey real estate, occupying a total of 5,638 units, while homeowners live in 3,311 properties.
Median number of rooms of renter-occupied housing units**
3.4
Renter median household income**
$94,087
Average household size of renter-occupied housing units**
1.96
Rental vacancy rate**
5.1%
Morristown, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 2,372 rentals in Morristown, New Jersey with 1 bed making up the highest share of the market, at 42%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 30 units. Overall, the median number of rooms in Morristown, New Jersey homes for rent is 3.4.
Morristown, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Morristown, New Jersey are occupied by residents in the 25 - 34 years age group (39%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Morristown, New Jersey Renter-occupied housing units by family type**
Morristown, New Jersey Renter-occupied housing units by the presence of own children**
A total of 1,855 apartments for rent in Morristown, New Jersey, or 33% of all rentals are family households. Additionally, 17% of rental homes include children under the age of 18 – that’s 960 units. All in all, the median size of a renter-occupied household in Morristown, New Jersey is 1.96.
Morristown, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 61% of the rental market. In contrast, residents with less than a high school degree reside in 7% of the homes for rent in Morristown, New Jersey.
Morristown, New Jersey Renter-occupied units by year structure built**
The highest share of Morristown, New Jersey apartment rentals, namely 19% or 1,069 units, were Built 1939 or earlier, followed by those Built 2010 - 2019 (16%, 898 units), and the ones Built 1950 - 1959 (15%, 872 units).
Morristown, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Morristown, New Jersey renters (38%) moved in 2018 to 2020, while only 4% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Morristown, New Jersey condos for rent is 2018.
Morristown, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 53% of Morristown, New Jersey renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 14% have No vehicle available.
Morristown, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Morristown, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Morristown, New Jersey apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
