How much should you expect to pay for apartment rentals in Princeton? We took a look through the listings to try to find out what the going rate is for apartments in central Princeton in August 2022. We last looked at Princeton rental rates two years ago, in August 2020 (link to article).
According to apartments.com “the average apartment rent in Princeton, NJ is $1,481 for a studio, $1,577 for one bedroom, $2,996 for two bedrooms.” They also think that “apartment rent in Princeton has decreased by -29.6% in the past year.” However, a look at current rents in real properties suggests that these figures are fanciful.
If we focus on the big apartment communities in the luxury sector, Avalon Princeton is now offering studios from $2,805, 1-bedroom apartments from $3,130, and 2-bedroom apartments from $3,875. These prices are a lot higher than two years ago, when a 1-bedroom unit could be had for $2,475 / month. The Copperwood apartment community on Bunn Drive is currently offering 1-bedroom units starting from $2,695 and 2-bedroom units from $2,945 / month.
Nassau Street Properties offers older apartment buildings in central Princeton, which are sometimes available at lower price points. According to their online price list, 1-bedroom apartments in Princeton all cost $2,170 or more (see below) with a monthly average rent of $2,392. This is a 15% increase on the average of $2,076 in 2020.
Realtor Julie Harrison publishes a list of recently-rented housing at her website princeton-rentals.com. According to her data, 1-bedroom apartments that got rented in Princeton in July 2022 went for an average monthly rent of $2,612. That also represents a 15% increase relative to 2020.
On listings website Craigslist, apartments are usually available at a greater range of price points. In 2020, 1-bedroom units were available on Craigslist from $1,400 / month up. This year, however, there seems to be a serious shortage of supply. Among the small number of units available are a 700ft2, 1-bedroom unit near the Princeton Shopping Center, which is offered at $2,900, and a 1300ft2, 2-bedroom apartment available “in downtown Princeton” at $3,000. Some residents in the Littlebrook neighborhood also appear to have tried to rent out a trailer on their property. The trailer has one bedroom, and was offered at $1,950 / month (see image at top).
The bottom line is that in 2022, anybody looking for a 1-bedroom rental in Princeton is likely to have to pay $2,200 / month or more. The sub-$2,000 / month market appears to have completely dried up, unless you want to live in a trailer in somebody’s yard. As usual, cheaper rentals can be found in neighboring townships, and many of these rentals will be advertised as “Princeton”, even if they are not in the actual town of Princeton, NJ. This is certainly an extremely tough time to be looking for a rental home in Princeton. Households of limited income may want to contact Princeton Community Housing to try to join the waiting list for designated affordable housing.