Rent in Madison, NJ
A 2-bedroom in Madison, NJ (ZIP 07940) typically rents for about $2,595 a month, with a range of $2,233–$2,595. Owner-occupied homes in Morris County pay about 1.72% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.32% in the week of Oct 22, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $1,637 | $1,637 | 1 |
| 1 bed | $1,813 | $1,813–$1,850 | 1 |
| 2 beds | $2,595 | $2,233–$2,595 | 1 |
| 3 beds | $2,404 | $2,404–$2,785 | 1 |
| 4 beds | $3,500+ | $3,188–$3,500+ | 1 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).
Madison ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Madison, NJ?
- About $2,595 a month: the median of the typical rents in 1 ZIP code, which range from $2,233–$2,595. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Madison, NJ?
- About $1,813 a month: the median of the typical rents in 1 ZIP code, which range from $1,813–$1,850. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Madison, NJ?
- About $2,404 a month: the median of the typical rents in 1 ZIP code, which range from $2,404–$2,785. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Madison, NJ?
- About $1,637 a month: the median of the typical rents in 1 ZIP code, which range from $1,637. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Madison, NJ?
- About $3,500+ a month: the median of the typical rents in 1 ZIP code, which range from $3,188–$3,500+. Figures are gross rent (rent plus tenant-paid utilities).
- What is the property tax rate in Madison, NJ?
- Owner-occupied homes in Morris County pay a typical 1.72% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.32% in the week of Oct 22, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Madison rent figures come from?
- Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).