Rentometer, Inc. | Data as of 12/04/2025
Morristown’s rental market blends historic charm with modern convenience, making it a sought‑after destination for both professionals and families. The downtown corridor, anchored by the iconic Morristown Green and a vibrant mix of boutique shops, cafés, and cultural venues, offers a lively backdrop for apartment living. Well‑connected transit options, including NJ Transit’s Morristown Line and easy access to I‑287, attract commuters who value a short ride into Manhattan while enjoying a suburban lifestyle. Neighborhoods such as the Riverdale section and the historic Lafayette Village provide a variety of housing styles, from sleek studio apartments to spacious multi‑bedroom homes, catering to diverse lifestyle needs.
Rental rates in Morristown reflect the area’s desirability, with studio apartments typically positioned in the $2200‑$2300 range, while larger two‑bedroom units and family homes often command rents in the $3800‑$5500 bracket. Prospective renters can choose from contemporary apartment complexes near the train station, as well as well‑maintained single‑family homes in quiet, tree‑lined streets of the surrounding suburbs. Proximity to top‑rated schools, the Morristown National Historical Park, and a thriving local dining scene further enhance the appeal of this dynamic New Jersey city, solidifying its reputation as a premier rental market in the region.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | Studio | $2,283 | $2,127 | $1,875 - $3,296 | $2,010 - $2,675 |
| Apartment | 1 Bedroom | $2,593 | $2,569 | $610 - $3,785 | $2,350 - $2,954 |
| Apartment | 2 Bedroom | $3,863 | $3,527 | $810 - $10,000 | $3,112 - $4,450 |
| Apartment | 3 Bedroom | $3,776 | $3,650 | $3,350 - $4,500 | $3,500 - $4,049 |
| House | 2 Bedroom | $3,670 | $3,200 | $2,900 - $5,500 | $3,000 - $3,750 |
| House | 3 Bedroom | $3,675 | $3,700 | $3,300 - $4,000 | $3,500 - $4,000 |
| House | 4+ Bedroom | $5,468 | $5,500 | $4,000 - $6,850 | $4,950 - $6,200 |
In the current period, the average rent in Morristown was $2,284 for Studio, $2,594 for 1 Bedroom, $3,851 for 2 Bedroom, $3,739 for 3 Bedroom, and $5,008 for 4+ Bedroom.
Data provided by Rentometer, Inc.