According to a Tweet from Community writer Matt Roller (which was later deleted), the show has been renewed for a second season. Details from the Splitsider article:
Community creator Dan Harmon’s new series, the animated Adult Swim sci-fi comedy Rick and Morty, has been renewed for a second season. Adult Swim has yet to confirm the renewal, but one of the writers who was added for Season 2, Matt Roller (Community), posted a picture of the show’s Season 2 writing staff on Twitter earlier this week that has since been removed. There’s no word on how many episodes the new season will be.
Great news, Rick and Morty is freakin’ hilarious.