Our semi-regular review of the apartment scene in Princeton is back! Read this review if you want to know how much you should expect to pay for an apartments in Princeton in September of 2023.  We last looked at Princeton rental rates a year ago, in August 2022 (link to article), at which point a 1-bedroom apartment cost from about $2,200 / month upwards. How have things changed since then?

Several listings websites offer estimates of average apartment prices in Princeton. Zumper.com currently estimates an average of $3,284 for a 1-bedroom apartment. Zillow.com estimates $2,750 per month for a 1-bed. These websites tend to have more high-end listings though, and these figures might be an over-estimate.

Among the big apartment communities, which offer newer units, prices tend to be high. Avalon Princeton on Witherspoon St offers 1-bedroom apartments from $3,080, which is actually slightly cheaper than last year. Avalon Bay’s brand new apartment development on Thanet Road, called ‘Avalon Princeton Circle‘, has 1-beds from $2,983, and studios from $2,645. Meanwhile the Copperwood apartment community on Bunn Drive is advertising “One Bedroom Apartments Starting at $3,050!”

Nassau Street Properties offers older apartment buildings in central Princeton, which are sometimes available at lower price points. According to their most recent online price list, 1-bedroom apartments in Princeton start at $2,300 / month. In most cases, prices of these apartments have gone up about 5% – 10% since last year.

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 June and July 2023 went for between $2,000 – $3,100, with an average of $2,460. Although that is pretty high, it represents a slight drop compared to the equivalent figure last year ($2,612).

Old-school listings website Craigslist usually has some options for renting in Princeton. Any advertisements there ought to be considered carefully, as your ‘Princeton’ apartment may turn out to be miles out of town, and some ads may just be outright scams. Other listings appear to be legit, though, and possibly even good value. A recently-listed 1-bed off Mooore Street was available at $2,050 / month. As was the case last year, there are not many apartments available. Would-be renters may want to check out one of the listings site mentioned above, or trulia.com, which is currently advertising 1-bed apartments in central Princeton from $2,500 / month.

Overall, it seems that rental prices have ticked up in Princeton over the past 12 months, and anybody looking to rent should really budget at least $2,300 / month for a 1-bed unit. Studios are sometimes available and can be a bit cheaper, and more expensive and larger units are also available. Anecdotally, some people find rentals or rooms to let in the informal market, although these units may not be registered or inspected by the town. For low-income households, affordable apartments are also sometimes available through Princeton Community Housing, although there may be a considerable wait for such homes.