Average Rent in Medford, NJ: 2026 Prices and Affordability

Renting in Medford, NJ puts you in a Burlington County township with a historic downtown, 19th-century architecture, and landmarks like Kirby’s Mill. If you’re weighing a move to the 08055 zip code, knowing what things actually cost in the Medford, NJ housing market is where any honest budget conversation has to start.

The median home sale price here sits around $614,861 – a number that demands a serious down payment and a long-term mortgage commitment. For a lot of people, renting is simply the smarter entry point: you get into the community without tying up capital. Understanding the average rent in Medford, NJ is how you figure out whether leasing or buying makes more financial sense for your situation this year.

Current Rent Averages in Medford, NJ

As of data tracking through June 2026, the average rent in Medford, NJ runs approximately $1,947 per month. That figure pulls from a mix of apartment complexes and private rental listings across the local market.

For context, Burlington County as a whole averages around $1,584 per month. Medford comes in noticeably higher than that county-wide number, which reflects the specific demand for housing in this township – not just a general regional trend.

Comparing Medford to State and National Averages

Medford outpaces the county, but it’s actually moderate by New Jersey standards. The statewide average rent hit $2,413 in May 2026, ranking New Jersey fifth highest in the country.

Nationally, Medford’s $1,947 average runs about 20% above the United States median. If you’re relocating from another region, that gap is worth building into your expectations before you start touring units.

Medford Rental Prices by Unit Size

The $1,947 average is a useful starting point, but what you’ll actually pay each month depends on how much space you need. A single renter and a household of four are looking at very different price brackets in the 08055 zip code, and the spread between them is real.

Studios and One-Bedroom Apartments

Studio apartments in Medford average roughly $1,699 per month – the lowest entry point in the local market. Step up to a one-bedroom and that number rises to around $1,947 per month. One-bedrooms turn up in established apartment buildings and occasionally as converted spaces near the historic downtown.

Two-Bedroom Rentals

If you need a guest room or a dedicated home office, plan for a jump. Two-bedroom apartments in Medford average around $2,326 per month. That price point often includes access to shared community amenities, though what’s actually included varies by property. Two-bedrooms are also a common choice for roommates splitting costs down the middle.

Three-Bedroom Homes and Larger Properties

Three-bedroom rentals in Medford run $3,293 or more per month. At this tier, you’re less likely to be looking at a traditional apartment complex and more likely to be considering a single-family home or a large townhouse. Inventory for these larger units tends to be tighter than it is for one- or two-bedroom options, so when something comes up, it doesn’t sit long.

Recent Rental Market Trends in Medford

Rents in Medford have been moving steadily upward over the past few years. Over the last year specifically, prices increased by 2.2% – which works out to roughly $44 more per month for tenants signing new leases or renewing existing ones. It’s a moderate increase, but it compounds, and it’s worth factoring in when you’re negotiating lease terms.

Statewide Factors Affecting Local Rent

That local trend doesn’t exist in a vacuum. New Jersey’s position as the fifth most expensive rental market in the country puts consistent upward pressure on individual townships like Medford. High demand combined with limited new construction statewide is the basic driver. Renters here feel the localized version of a problem that’s playing out across the entire state.

Calculating What You Can Afford in Medford

Knowing the average rent only helps if you know how it lines up with your income. Landlords and property managers aren’t going to approve your application on optimism – they want to see that your income actually supports the monthly payment.

Running the numbers yourself before you start touring units saves everyone time.

Understanding the 30 Percent Rule

The 30 percent rule is the standard financial guideline: spend no more than 30% of your gross monthly income on housing. That ratio is supposed to leave enough breathing room for utilities, groceries, and savings – the things that tend to get squeezed when rent takes too big a share.

Most Medford leasing offices use this metric when reviewing applications. If your rent would exceed 30% of your gross income, expect to need a co-signer or a larger security deposit to get the lease signed.

Matching Your Salary to Medford Rent Prices

To comfortably afford the average one-bedroom at $1,947 per month, you’d want to be earning roughly $77,880 annually before taxes. That keeps housing within the 30% threshold.

For a two-bedroom at $2,326 per month, the target household income climbs to about $93,000 per year. And if you’re going after a three-bedroom at $3,293 per month, you’re looking at a combined household income of at least $131,000 to hit that same ratio.

Renting Versus Buying a Home in Medford

Some people rent in Medford specifically while they’re saving toward a purchase in the 08055 zip code. It’s a reasonable strategy, and the math between renting and buying here is worth looking at directly.

The sales market moves fast – homes are sitting a median of just 23 days before going under contract as of June 2026. For anyone who needs housing now rather than in several months, renting isn’t a consolation prize. It’s often just the practical call.

Current Home Sale Prices

The median sale price for a Medford home as of mid-2026 is roughly $614,861, which represents a slight year-over-year decrease of about 1.6%. Prices are down a touch, but they’re still substantial.

There are currently 77 homes in inventory with a 2.3-month supply, and the market still favors sellers. Homes are closing at an average of 100.55% of list price – meaning buyers should expect to pay full ask or a bit over.

When you factor in a standard down payment, property taxes, and current interest rates, a mortgage on a $614,000 home will generally exceed the $1,947 average monthly rent. Renting lets you live in the community for a lower monthly cash outlay while someone else handles the maintenance calls.

Frequently Asked Questions

How much is the average rent for a single-family home versus an apartment in Medford, NJ?

Single-family homes generally cost more than standard apartments in Medford. While a one-bedroom apartment averages $1,947, a three-bedroom property – which is more likely to be a single-family home – averages around $3,293 per month.

How do rental prices in Medford compare to nearby towns like Marlton or Mount Laurel?

Medford’s average rent of $1,947 sits higher than the broader Burlington County average of $1,584. Renters comparing Medford to other local towns across the county should expect to pay a premium for the 08055 zip code.

What income do I need to prove to qualify for an average rental home in Medford?

Landlords generally want your gross income to be at least three times the monthly rent. To qualify for the average $1,947 one-bedroom apartment without a co-signer, you should be able to prove an annual income of about $77,880.

How fast do rental properties usually lease out in the current Medford market?

Specific rental leasing times vary, but the broader Medford housing market moves fast – homes for sale are spending a median of just 23 days on the market. When you find a rental that fits your budget, don’t assume it’ll still be available next week.