With a new school year starting, many people will be moving to Princeton. How much should you expect to pay for apartment rentals? We took a look through the listings to try to find out what the going rate is for apartments in central Princeton in August 2019.
According to apartments.com, “as of August 2019, the average apartment rent in Princeton, NJ is $1,403 for a studio [per month], $1,819 for one bedroom, $2,929 for two bedrooms, and $2,678 for three bedrooms. Apartment rent in Princeton has increased by 2.4% in the past year.” Listings site Zillow does not have data for 1-bedroom apartment rates, but estimates that 2-bedroom apartments in Princeton rent for an average of $2,539 in 2019. To try to check these figures, we went online to look at apartments that are being listed right now. The new AvalonBay apartment complex on Witherspoon Street has studios renting from $2,155, 1-bedroom apartments starting at $2,460 and 2-beds from $3,175. Copperwood, another upmarket option, has 1-bedroom apartments renting from $2,650 and 2-beds from $2,990.
AvalonPrinceton and Copperwood are both newer, more-expensive options. Nassau Street Properties has a range of apartments in older buildings in the heart of downtown Princeton. Although none are available right now, the advertised rates are all $2,000 per month or more for a 1-bedroom unit. 2-bedroom apartments are also listed as between $2,000 – $3,000 per month.
Realtor Julie Harrison publishes a list of recently-rented housing at her website princeton-rentals.com. According to her data, the average rate for 1-bedroom apartments that have rented recently in Princeton is $2,011, with a range of $1,300 – $2,680. We also checked if cheaper rentals are available on listings site Craigslist. We found the following rentals being offered:
- 1br apt, Wigginst St, $1,995
- 1br apt, Leigh Ave, $1,500
- 1br apt, S Harrison St & Western Way, $1,995
- 1br apt, 244 Nassau St, $1,400
- 2br house, Leigh Ave $2,475
- 2br apt, Humbert St, $1,950
- 2br apt, Wiggins St, $2,900
- 3br house, Leigh Ave, $3,000
- 3br apt, Spring St, $2,595
Based on information online, it seems that the apartments.com estimate of $1,819 as an average for 1-bedroom apartments in Princeton seems about right. Some 1-bed units may be available for as little as $1,400 per month, but most units are advertised at $2,000 / month or more. Obviously the rate will depend on the condition, location and amenities in the rental unit. Cheaper units are always available in surrounding communities, but these locations usually require a car to commute to downtown Princeton. ‘Affordable’ apartments, which are rented below market-price, are offered by Princeton Community Housing to households of below-average income. Getting access to one of these units may require a wait of many months or years, however, because Princeton has a long waiting-list for affordable rentals.