What is the median rent in Parsippany-Troy Hills Township, NJ?

Name: Median rent in Parsippany-Troy Hills Township, NJ, 2020–2024
Creator: US Census Bureau
License: https://www.census.gov/data/developers/about/terms-of-service.html

The median gross rent in Parsippany-Troy Hills Township, NJ is $1,736 (±$42) a month, according to the US Census Bureau’s 2020–2024 American Community Survey.

That is across 9,092 rented homes; gross rent is the contract rent plus the utilities and fuels a renter pays separately.

In Parsippany-Troy Hills Township, the median gross rent went from $1,392 in 2015–2019 to $1,736 in 2020–2024 (+24.7%).

Prices (CPI-U) rose 22.7% over the same years; the change is not measurably different from the rise in prices.

Figures last updated on November 12, 2026.

Median gross rent: $1,736 (±$42)
Rented homes: 9,092 (±737)
$2,000 or more: 25.5%
Since 2015–2019: +24.7%

How much rent costs in Parsippany-Troy Hills Township

Share of rented homes in each gross-rent range, 2020–2024
Monthly gross rent	Parsippany-Troy Hills Township	Morris County	New Jersey	United States
Less than $500	3.4% (±0.9 points)	4.1%	6.1%	6.3%
$500 to $999	2.2% (±1.3 points)	3.9%	7.9%	20.2%
$1,000 to $1,499	22.6% (±5.1 points)	17.5%	23.5%	28.1%
$1,500 to $1,999	46.3% (±4.8 points)	30.3%	28.5%	21.1%
$2,000 to $2,499	13.4% (±3.1 points)	17.6%	17.2%	12.0%
$2,500 to $2,999	7.5% (±2.3 points)	13.0%	7.9%	5.5%
$3,000 or more	4.6% (±2.2 points)	13.6%	8.9%	6.8%

The most common range is $1,500 to $1,999, paid by 46.3% of renting households.

25.5% of rented homes in Parsippany-Troy Hills Township cost $2,000 or more a month.

Parsippany-Troy Hills Township against Morris County, its state and the nation

Estimate (90% margin of error)
	Parsippany-Troy Hills Township	Morris County	New Jersey	United States
Median gross rent	$1,736 (±$42)	$1,904 (±$30)	$1,720 (±$7)	$1,413
Rented homes paying rent	9,092 (±737)	48,017 (±1,617)	1,230,839 (±7,912)	42,849,984

In Parsippany-Troy Hills Township, median gross rent is lower than in Morris County ($1,904).

It is not measurably different from New Jersey ($1,720).

It is higher than the national figure ($1,413).

In Morris County, Parsippany-Troy Hills Township ranks 30 of 39 places with a published estimate, from highest to lowest median gross rent.

Statewide, it ranks 298 of 548.

Rankings use the estimates alone; where margins of error overlap, neighboring ranks may not truly differ.

How rent in Parsippany-Troy Hills Township has changed since 2015–2019

2015–2019 and 2020–2024 American Community Survey 5-year estimates
	2015–2019	2020–2024	Amount of change	Verdict
Median gross rent	$1,392 (±$27)	$1,736 (±$42)	+24.7%	No measurable change after inflation
Households that rent	40.4% (±1.6 points)	40.4% (±2.5 points)	0.0 percentage points	Not a measurable change
Rental vacancy rate	1.9% (±1.4 points)	2.8% (±1.7 points)	+0.9 percentage points	Not a measurable change

The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.

Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.

The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.

Median gross rent in places near Parsippany-Troy Hills Township

Nearest places with a published estimate, compared with Parsippany-Troy Hills Township
Place	Distance	Median gross rent	Compared with this place
Parsippany-Troy Hills Township	—	$1,736 (±$42)	—
Mountain Lakes Borough	2.4 mi	$3,500 or more	—
Whippany	2.5 mi	$2,556 (±$1,057)	Not measurably different
Hanover Township	2.8 mi	$2,813 (±$227)	Higher
Morris Plains Borough	3.0 mi	$2,835 (±$203)	Higher
Boonton Town	3.2 mi	$1,849 (±$115)	Not measurably different
Cedar Knolls	3.3 mi	$2,849 (±$269)	Higher
Denville Township	3.9 mi	$1,817 (±$577)	Not measurably different
Pine Brook	4.2 mi	$2,366 (±$183)	Higher

Nearby places with a measurably higher figure: Hanover Township, NJ ($2,813), Morris Plains Borough, NJ ($2,835), Cedar Knolls, NJ ($2,849).

Distance is measured in a straight line between the Census Bureau’s internal points for each place.

Median gross rent across Morris County, place by place

Rank	Place	Median gross rent
24	Lincoln Park Borough	$1,857 (±$107)
25	Boonton Town	$1,849 (±$115)
26	Dover Town	$1,825 (±$163)
27	Denville Township	$1,817 (±$577)
28	Randolph Township	$1,808 (±$77)
29	Mine Hill Township	$1,771 (±$193)
30	Parsippany-Troy Hills Township	$1,736 (±$42)
31	Wharton Borough	$1,720 (±$124)
32	Washington Township (Morris County)	$1,701 (±$197)
33	Mount Olive Township	$1,697 (±$65)
34	Butler Borough	$1,599 (±$133)
35	Rockaway Borough	$1,587 (±$335)
36	Victory Gardens Borough	$1,518 (±$121)

Showing 13 of 39 places in Morris County, ranked from highest to lowest.

The figures for Parsippany-Troy Hills Township include the places inside it that have pages of their own: Lake Hiawatha, Mount Tabor, Parsippany, Rainbow Lakes, Troy Hills.

Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.

Margins of error are at the 90% confidence level.

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Questions about Parsippany-Troy Hills Township

What is the average rent in Parsippany-Troy Hills Township, NJ?

The Census Bureau publishes the median rather than the average: the median gross rent in Parsippany-Troy Hills Township is $1,736 (±$42) a month (2020–2024 American Community Survey), so half of renting households pay less and half pay more.

How much has rent gone up in Parsippany-Troy Hills Township?

In Parsippany-Troy Hills Township, the median gross rent went from $1,392 in 2015–2019 to $1,736 in 2020–2024 (+24.7%).

Prices (CPI-U) rose 22.7% over the same years; the change is not measurably different from the rise in prices.

How many rentals in Parsippany-Troy Hills Township cost more than $2,000 a month?

25.5% of rented homes in Parsippany-Troy Hills Township have a gross rent of $2,000 or more a month, and 3.4% cost less than $500.

Is rent in Parsippany-Troy Hills Township higher than in Morris County?

In Parsippany-Troy Hills Township, median gross rent is lower than in Morris County ($1,904).

It is not measurably different from New Jersey ($1,720).

It is higher than the national figure ($1,413).

Is this the rent for an apartment listed today?

No: these are rents households reported paying across 2020–2024, not asking rents for vacant homes, which usually run higher.

Sources

To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) for Parsippany-Troy Hills township, Morris County, New Jersey (county subdivision:56460, in state:34 county:027).

Each estimate (E or PE) has a margin of error beside it (M or PM).

The 2015–2019 figures are B25064_001E, B25064_001M, DP04_0047PE, DP04_0047PM, DP04_0005E, DP04_0005M from the 2019 release.

The API needs a free key.

Request a Census API key.

DP04_0134E, DP04_0134M, DP04_0126E, DP04_0126M, DP04_0127PE, DP04_0127PM, DP04_0128PE, DP04_0128PM, DP04_0129PE, DP04_0129PM, DP04_0130PE, DP04_0130PM, DP04_0131PE, DP04_0131PM, DP04_0132PE, DP04_0132PM, DP04_0133PE, DP04_0133PM

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.

Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.