New Jersey market rental trends report

Morristown

Over the past 3–6 months, Morristown, NJ, has experienced very slight changes in terms of rental averages. For smaller homes, we saw a slight dip in studio and 1 BR apartments. As for larger homes, we see a slight increase for 2 BR and 3 BR properties most likely due to an increase for demand during peak Summer months. ​This upward trend can be attributed to sustained demand in the area, coupled with limited housing inventory, which has exerted upward pressure on rental prices.. As of July 2025, the median rent in Morristown stands at approximately $2,806 per month, indicating the area's competitive rental market.

Princeton

Over the past 3–6 months, Princeton, NJ, has experienced a modest decrease in rental prices across various apartment types. The Princeton rental market continues to exhibit strong demand and sustained pricing growth through Q2 2025, reflecting both the area's enduring desirability and limited housing inventory. As a prominent academic and research hub—home to Princeton University and numerous corporate headquarters—the market maintains above-average rents across all unit sizes. As of July 2025, the median rent in Princeton stands at $3,400 per month, with an approximate 3% year-over-year increase. 

Jersey City

Over the past 3–6 months, rental prices in Jersey City, NJ continue to move upward especially as we approach the more active Summer months of the market. Newer luxury builds in popular areas are the main cause of these averages being increased. Overall, the Jersey City rental market remains one of the most dynamic and competitive in the Northeast, driven by sustained demand, continued luxury development, and proximity to Manhattan. While rent growth has moderated slightly compared to the explosive increases of 2022–2023, pricing across most unit types remains elevated relative to regional norms. As of July 2025, the median rent in Jersey City stands at $2,956 per month, witn an approximate 4% year-over-year increase. 

Recent listings

Below are some recent listing examples.

Morristown

Heritage House Apartments

• Studio / 1 ba
• Sq Ft: 400
• Rent: $2,195

Modera

• 1 br/1 ba
• Sq Ft: 740
• Rent: $2,561

Chancery Square

• 2 br/2 ba
• Sq Ft: 1,145
• Rent: $3,414

Avalon At Florham Park

• 3 br/2 ba
• Sq Ft: 1,297
• Rent: $4,025

Princeton

Avalon Princeton

• Studio / 1 ba
• Sq Ft: 567
• Rent: $2,620+

Princeton Gardens

• 1 br/1 ba
• Sq Ft: 1,135
• Rent: $2,495

Copper Wood

• 2 br/2 ba
• Sq Ft: 1,275
• Rent: $3,775

Barclay Square

• 3 br/2 ba
• Sq Ft: 2,028
• Rent: $4,655

Jersey City

235 Grand

• Studio / 1 bath 
• Sq Ft: 425
• Rent: $3,309

Riverside at Newport

• 1 br/1 ba
• Sq Ft: 834
• Rent: $3,485

Park Francis

• 2 br/2 ba
• Sq Ft: 968
• Rent: $4,950

Journal Squared

• 3 br/2 ba
• Sq Ft: 1,422
• Rent: $6,030

(Data sourced from Apartments.com)