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New Jersey market rental trends report

Relocity April 17, 2025

Rental Trends

3:11

Morristown

Over the past 3–6 months, Morristown, NJ, has experienced a modest increase in rental prices across various apartment types. For instance, the average rent for a one-bedroom apartment rose from $2,337 in March 2025 to $2,631 in April 2025, reflecting a 12.6% increase. 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. 3-beds have taken a dip in pricing year over year, but will likely rise again in the summer months as more families move in the summer. As of March 2025, the median rent in Morristown stands at approximately $2,565 per month, indicating the area's competitive rental market.

Princeton

Over the past 3–6 months, Princeton, NJ, has experienced a modest increase in rental prices across various apartment types. For instance, the average rent for a one-bedroom apartment rose from $2,698 in February 2025 to $2,723 in March 2025, reflecting a slight upward trend. This trend is largely attributed to sustained demand in the area, coupled with limited housing inventory, which has exerted upward pressure on rental prices. As of March 2025, the median rent in Princeton stands at approximately $3,250 per month, indicating the area's competitive rental market.

Jersey City

Over the past 3–6 months, rental prices in Jersey City, NJ have increased modestly across all unit sizes. This growth is largely driven by continued migration from higher-priced areas like Manhattan, combined with elevated demand for larger living spaces and ongoing new development projects in high-amenity neighborhoods. Despite slight inventory increases, demand continues to outpace supply in popular transit-adjacent areas. As of Q1 2025, the median rent in Jersey City is approximately $3,150 per month.