Morris County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Morris County NJ was $1,578 in 2019 according to the Census ACS survey.1 Average gross rent in Morris County was $1,599 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Morris County median and average rent data will be released in September of 2021.
Data is also available below for Morris County rental vacancy rates, Morris County rent as a percent of median income and the fraction of renters in Morris County.
Real Gross Rent in Morris County New Jersey (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Jersey Median Gross Rent | $1,376 | +1.18% | +5.60% |
| Morris County NJ Median Gross Rent | $1,578 | -2.59% | +4.02% |
Morris County NJ Real Gross Rent Trends
Median gross rent for Morris County peaked in real terms in 2018 at $1,620 and is now $42 (2.59%) lower. Average gross rent for Morris County peaked in real terms in 2018 at $1,649 and is now $50 (3.03%) lower.
Real Gross Rent: Morris County NJ Median, Morris County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Morris County
| Date | US Median |
New Jersey Median |
Morris County NJ Median |
Morris County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $1,578 | $1,599 |
| 2018 | $1,077 | $1,360 | $1,620 | $1,649 |
| 2017 | $1,043 | $1,324 | $1,469 | $1,573 |
| 2016 | $1,027 | $1,303 | $1,517 | $1,570 |
| 2015 | $1,017 | $1,288 | $1,463 | $1,495 |
| 2014 | $986 | $1,269 | $1,416 | $1,437 |
| 2013 | $953 | $1,233 | $1,345 | $1,403 |
| 2012 | $940 | $1,221 | $1,396 | $1,494 |
| 2011 | $941 | $1,226 | $1,438 | $1,454 |
| 2010 | $955 | $1,245 | $1,405 | $1,473 |
| 2009 | $960 | $1,263 | $1,449 | $1,564 |
| 2007 | $927 | $1,205 | $1,368 | $1,385 |
| 2005 | $910 | $1,169 | $1,384 | $1,414 |
Morris County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Morris County New Jersey was 3.64% according to Census ACS data.
Rental Vacancy Rate in Morris County New Jersey
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Jersey | 4.23% | -0.19% | -0.79% |
| Morris County NJ | 3.64% | -0.49% | -2.41% |
Trends in Morris County NJ Rental Vacancy Rate
The rental vacancy rate in Morris County peaked in 2010 at 10.16%. Since then it has fallen by 6.52% to 3.64%. Data records for this series originated in 2005.
Rental Vacancy Rate: Morris County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Morris County
| Date | US | New Jersey | Morris County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | 3.64% |
| 2018 | 6.15% | 4.42% | 4.13% |
| 2017 | 6.18% | 4.45% | 7.24% |
| 2016 | 5.89% | 5.02% | 6.05% |
| 2015 | 5.85% | 5.65% | 6.88% |
| 2014 | 6.32% | 6.09% | 3.66% |
| 2013 | 6.49% | 6.18% | 6.84% |
| 2012 | 6.77% | 5.96% | 4.19% |
| 2011 | 7.40% | 6.99% | 4.03% |
| 2010 | 8.17% | 7.51% | 10.16% |
| 2009 | 8.43% | 7.59% | 6.02% |
| 2007 | 7.87% | 6.30% | 2.27% |
| 2005 | 7.74% | 6.43% | 7.09% |
Rent as a Fraction of Income
Using median household income data for Morris County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Morris County, median monthly gross rent as a fraction of median household income was 16.28% in 2019 according to the ACS.
Morris County New Jersey Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Jersey | 19.26% | -0.36% | -0.35% |
| Morris County NJ | 16.28% | -0.72% | +0.03% |
Trends in Morris County NJ Rent as a Fraction of Income
The fraction of median Morris County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 17.49%. Since then it has fallen by 1.20% to 16.28%.
Fraction of Income towards Rent: Morris County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Morris County New Jersey
| Date | US | New Jersey | Morris County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 16.28% |
| 2018 | 20.50% | 19.61% | 17.00% |
| 2017 | 20.13% | 19.24% | 14.90% |
| 2016 | 20.43% | 19.61% | 16.25% |
| 2015 | 20.63% | 20.17% | 16.28% |
| 2014 | 20.89% | 20.06% | 16.00% |
| 2013 | 20.78% | 20.03% | 15.30% |
| 2012 | 20.65% | 19.77% | 16.52% |
| 2011 | 20.70% | 20.19% | 17.49% |
| 2010 | 20.50% | 19.75% | 16.49% |
| 2009 | 20.12% | 19.46% | 15.76% |
| 2007 | 18.66% | 18.37% | 14.75% |
| 2005 | 18.89% | 18.19% | 15.81% |
Renter Fraction in Morris County New Jersey
You can calculate the renter fraction in Morris County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Morris County as a fraction of total Morris County households. In 2019 28.38% of households were renters according to Census ACS data.
Morris County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Jersey | 36.65% | +0.63% | -0.12% |
| Morris County NJ | 28.38% | +1.58% | +3.54% |
Trends in the Morris County NJ Renter Fraction
At 28.38%, the 2019 household based renter fraction in Morris County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Morris County NJ, New Jersey, US
History of Morris County Renter Fraction
| Date | US | New Jersey | Morris County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 28.38% |
| 2018 | 36.05% | 36.02% | 26.80% |
| 2017 | 36.13% | 36.19% | 26.19% |
| 2016 | 36.88% | 36.77% | 24.84% |
| 2015 | 36.97% | 36.98% | 25.65% |
| 2014 | 36.90% | 36.74% | 26.41% |
| 2013 | 36.50% | 35.95% | 24.48% |
| 2012 | 36.09% | 34.93% | 24.14% |
| 2011 | 35.42% | 34.95% | 25.92% |
| 2010 | 34.65% | 33.59% | 22.61% |
| 2009 | 34.13% | 33.86% | 23.44% |
| 2007 | 32.80% | 32.73% | 23.62% |
| 2005 | 33.10% | 32.71% | 23.28% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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