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New Jersey market rental trends report

Relocity Updated on January 27, 2026

Rental Trends

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Morristown

Over the past 3–6 months, rent prices in Morristown have been relatively stable with modest upward pressure overall, with smaller units like studios and one-bedrooms seeing slight increases and larger units (two-bedrooms and three-bedrooms) holding steady or rising moderately. This trend has been driven primarily by tight rental inventory, steady demand from commuters and local professionals, and limited new supply in the short term, which keeps competition high for available units.. As of January 2026, the current median rent in Morristown, NJ is approximately $2,990 per month across all unit types, reflecting the competitive nature of the local rental market compared with national averages.

Princeton

Over the past 3-6 months, rental prices in Princeton have been relatively stable with slight upward pressure, with average rents holding firm or inching up modestly in many segments. Recent market trend data shows rents have ticked up slightly year-over-year even as month-to-month changes are small, reflecting a fairly steady rental environment. This stability and modest growth have been driven by continued strong demand from students, academics, and professionals, limited available inventory in a constrained market, and Princeton’s desirable location between New York and Philadelphia, which sustains leasing competition and keeps vacancy low. As of January 2026, the current median rent across all unit types in the Princeton region is approximately $3,045 per month.

Jersey City

Over the past 3 to 6 months, rental prices in Jersey City have shown a mix of modest shifts with a slight overall cooling trend—some aggregated market indicators point to rents stabilizing or even dipping slightly after previous high levels, while neighborhood‑specific averages remain relatively elevated. This movement has been influenced by a significant increase in new apartment supply, especially in downtown and transit‑oriented developments, coupled with softer demand at the luxury and high‑end segments, which has led landlords in some areas to adjust pricing and offer more competitive lease terms. Despite these shifts, Jersey City’s rental market remains relatively strong, and as of January 2026 the current median rent across the region is approximately $3,788 per month.