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min read

New Jersey Market Rental Trends Report

Relocity's rental trends report shows you how the nation’s major rental markets stack up and reveals 2024 pricing trends.


In recent months, inventory has increased in Morristown, specifically in luxury buildings with top of the line amenities. The cost of rent varies depending on several factors, including location, size, and amenities. While 1 and 2 BR prices have remained steady, Morristown is considered to be a very family friendly city and therefore 3 BR pricing has risen significantly. Studio pricing has surprisingly decreased. The median rent in Morristown, NJ is $2,671 in April 2024.


Rental prices in Princeton have increased slightly for studio, 1BR and 3BR units while there has been a decrease for 2BR units. The incredible school system, proximity to the University, and the vibrant downtown all account for its desirability which is why 3BR homes saw the biggest increase in pricing, due to the town's family-friendly qualities. The median rent price in Princeton, NJ April 2024 is $3,343.

Jersey City

Rental prices for studio, 1BR and 2BR units have remained steady while there has been a decrease for 3BR units. As new inventory is added in the up-and-coming areas, we see that Jersey City continues to be a highly desirable area to live. With easy accessibility to Manhattan without the Manhattan price tags, it's easy to see why so many luxury apartments continue to be built. Price drops are likely due to the winter months are generally the least favored for moving. The median rent for property in Jersey City, NJ is $3,190.

Apartment Options

Heritage House

  • Studio
  • Sq Ft: 400
  • Rent: $2,195

Sofi at Morristown Station

  • 1 br/1 ba
  • Sq Ft: 750
  • Rent: $2,614

Heritage House

  • 2 br/2 ba
  • Sq Ft: 1200
  • Rent: $3,295

Morris Crossing

  • 3 br/2 ba
  • Sq Ft: 1465
  • Rent: $3,800


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