The Highlands at Morris Plains
40 E Hanover Ave,
Morris Plains, NJ 07950
1-2 Beds | $2,425 - $3,595
Rental Market Trends in Morristown, NJ
What is the average rent in Morristown, NJ?
$2,539/month
Average Rent
755 Sq Ft
Average Apartment Size
+1.7%
Increase in the Last Year
As of July 2025, the average rent in Morristown, NJ is $2,539 per month. This is 55% higher than the national average rent price of $1,637/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 $2,119 per month for a studio, $2,539 for a one-bedroom apartment, and around $3,392 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $3,402 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 increased by 1.7%, which averages out to $44 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 July 2025
Legend
2024
2025
Rent Ranges in Morristown, NJ
Last Updated July 2025
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 $2,539, you’ll want to make about $8,463 per month or $101,556 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.
Cost of Living
The cost of living in Morristown, NJ is 9.1% higher than the national average. Generally, housing in Morristown is 29.7% more expensive than the national average, with rent falling between $2,119 - $3,402. You can expect to pay 3.3% more for groceries, 5.5% less for utilities, and 1.6% more for transportation.
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
$2,093/month
$2,093/month
One Bedroom
$2,677/month
$2,677/month
Two Bedroom
$3,700/month
$3,700/month
Three Bedroom
$4,316/month
$4,316/month
Nearby City Rent Trends
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Property Management Companies in Morristown, NJ
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Cushman & Wakefield
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542
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279
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Bozzuto
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390
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117,917
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AION Management
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
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.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2025.
* Percentages may not total 100 due to rounding.