The Highlands at Morris Plains
40 E Hanover Ave,
Morris Plains, NJ 07950
1-2 Beds | $2,450 - $3,625
Rental Market Trends in Morristown, NJ
Updated July 2026
The average rent in Morristown, NJ is $2,551/month.
Rent in Morristown is 53% higher than the national average rent of $1,662/month, making this one of the more expensive cities statewide.
$2,551/month
Average Rent
765 Sq Ft
Average Size
+1.5%
Change / Year
321
Available Apartments
Morristown rent varies by unit size and layout:
- Studio apartments in Morristown average $2,124 per month.
- One-bedroom apartments in Morristown average $2,551 per month.
- Two-bedroom apartments in Morristown average $3,506 per month.
- Three-bedroom apartments in Morristown average $3,339 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Morristown, NJ?
In the past year, rent has increased by 1.5%, which averages out to $39 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Morristown, NJ
July 2026
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
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 $2,551, you’ll want to make about $8,503 per month or $102,036 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 7.1% higher than the national average. Generally, housing in Morristown is 22.7% more expensive than the national average, with rent falling between $2,124 - $3,506. You can expect to pay 2.2% more for groceries, 2.5% less for utilities, and 5.4% less 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.
View the Morristown Area GuideStudio
$2,112/month
$2,112/month
One Bedroom
$2,721/month
$2,721/month
Two Bedroom
$3,917/month
$3,917/month
Three Bedroom
$4,282/month
$4,282/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Morristown We Think You'll Love
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Frequently Asked Questions
What is the average rent in Morristown?
The average rent in Morristown is $2,551 per month, which is 53.5% higher than the national average of $1,662.
Are rents going up or down in Morristown?
Rents in Morristown, NJ are increasing, with prices up 1.5% year-over-year and $39 more per month.
What rent range is most common in Morristown?
In Morristown, NJ, 93% of apartments fall above $2,000/month, though prices may vary depending on location and other factors.
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 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.