3-29-2023 3:14pm

Morristown Makes Top 20 List for Most Expensive Zip Codes in Nation

Morristown, NJ Ranks 20th in Most Expensive US Cities for Renters as New Jersey Holds Position as Fourth Priciest State.

According to RentCafe.com, New Jersey is currently the fourth most expensive state for renters in the United States, with an average rent of $1,578 per month. The Garden State is surpassed only by California, Massachusetts, and New York.

While New Jersey has followed national trends of modest rent gains or even negative growth, some zip codes still command high rental rates. Morristown's 07960 zip code has landed on the list of the top 20 most expensive zip codes to rent in the United States, ranking 20th with an average rent of $2,170.

#	Zip Code	City	Rent
1	07030	Hoboken	$3,401
2	07020	Edgewater	$3,280
3	07310	Jersey City	$3,170
4	07302	Jersey City	$3,115
5	07016	Cranford	$2,826
6	07086	Weehawken	$2,803
7	07093	West New York	$2,536
8	07932	Florham Park	$2,494
9	07079	South Orange	$2,445
10	07024	Fort Lee	$2,432
11	07094	Secaucus	$2,394
12	07039	Livingston	$2,366
13	08540	Princeton	$2,313
14	07078	Short Hills	$2,298
15	07044	Verona	$2,239
16	07081	Springfield	$2,225
17	07631	Englewood City	$2,221
18	07071	Lyndhurst	$2,197
19	07675	Westwood	$2,194
20	07960	Morristown	$2,170

Hoboken's 07030 zip code remains the most expensive in the state (and country), with an average rent of $3,401, which is 2.5 times the national average. Although rents in this zip code have softened by 2% year-over-year, Hoboken has still managed to maintain its lead from 2016. The city has experienced a 20-year high in apartment construction, increasing its stock by 10% year-over-year with the addition of 482 units, bringing the total to 5,184 apartments.

Edgewater's 07020 zip code, in Bergen County, retains its position as the second most expensive zip code in the nation. Despite a 2.6% contraction in average rent, the current monthly rental rate is $3,368. Edgewater has also seen a rise in available rental units, with a 5.7% year-over-year growth rate, totaling 1,895 units.

Jersey City's 07310 and 07302 zip codes rank as the third and fourth most expensive zip codes in the nation, respectively. The 07310 zip code has an average rent of $3,201, while 07302's average rent stands at $3,115. The latter has experienced a 1% year-over-year gain and added 1,995 new units to its inventory, totaling 9,587 units.

Morristown's presence on this list reflects the growing demand for rental properties in desirable locations across New Jersey. The town's rich history, vibrant downtown, and proximity to mass transit options make it an attractive choice for renters seeking a balance between urban convenience and suburban charm.

It appears as if the local rental market will continue to follow these trends, as construction in Morristown hits an all-time high, aiding the Garden State towns in their climb through the ranks of the nation's most expensive zip codes for renters.

Key Takeaways:

Morristown's 07960 is the #20 most expensive zip code for renters in the United States with an average monthly rent of $2,170
Hoboken’s 07030 is the #1 most expensive ZIP code for renters in New Jersey (and in the country) with an average of $3,401
At almost 52%, Jersey City’s 07306 (#37) experienced the highest rate of supply expansion as well as the highest rent gains at 34%
Livingston’s 07039 (#12) experienced the largest negative rent growth in the state at 3.27%