New Jersey house prices are continuing a years-long boom that has made buying a home unaffordable for many. Home prices in Mercer County went up 14.6% in just one year between July 2023 and July 2024. How is that affecting the rents being asked for homes and apartments in Princeton? We took a look at the options, updating our survey from the last time we looked in September 2023.

Listings agency apartments.com is currently reporting the average rent for a 1-bedroom apartment in Princeton as $2,589 / month. Interestingly, that is up by just 0.1% over the same time last year. The equivalent figure for 2-bedroom properties is $3,258 / month. Another agency, zillow.com, estimates the median rent for 1-bedroom apartments as $2,257 / month, which is actually down from last year. They put the median 2-bedroom rent as $3,300 / month. Zillow also reckons that the apartment market in Princeton, NJ is currently ‘cool’, i.e. is not showing big increases in rents.

Several large new apartment buildings have been built in Princeton in recent years, which have helped the town ensure compliance with state “fair share” housing laws. “The Alice” is one such development, which is scheduled to open later this year. It contains a mixture of affordable rentals for people meeting state-defined income thresholds, and also ‘regular’ units that are priced at market rents. All of the units offer luxury features at a site next to the Princeton Shopping Center. ‘Regular’ one-bedroom apartments are currently advertised starting at $2,799 / month, with one month free as an incentive The new Avalon Bay development on Thanet Road, another new luxury development, is offering one-bedroom apartments starting at $3,030. That rate is up +1.5% since last year.

Also in the high-end of the market, the ‘Copperwood’ building on Bunn Drive does not appear to have availability on one-bedroom apartments right now, but is advertizing two-bedroom units from $3,590 / month. The “Avalon Princeton” building on Witherspoon Street has one-bedroom apartments starting at $2,693 / month. That is actually a lot lower than the advertised prices last year, when 1-bedroom units were priced at $3,080 / month. The lower rate reflects an incentive of 1.5 months free rent on contracts of 12 months or less. The management company is also offering a 0% security deposit offer right now.

The latest price list from Nassau Street Properties (see below) shows average prices for 1-bedroom unit in Princeton at $2,713. That is up from an average of $2,514 (+8%) since when we last looked last year.

Redfin advertises apartments, including some less-expensive options. such as a 1-bedroom unit in the ‘Nassau Arms’ development on Franklin Avenue, which was recently advertised at $1,965 / month. Trulia has a range of listings, including a 1-bedroom apartment at 86 Spruce Street for $1,800 / month. This is about as cheap as anything we can find in Princeton in September 2024.

Less-expensive rental homes can also sometimes be found on Craigslist, but it’s important to look out for deals that seem “too good to be true”. Scammers sometimes post fake listings with images stolen from other sites, then try to encourage people who are desperate for a home to send them a security deposit, which will never be seen again. Some of the listings on these website seem legit, though. A 1-bedroom unit on Humbert Place, close to downtown Princeton, was advertised at $2,350 / month. Facebook Marketplace is another place to check, with some units in downtown Princeton advertised at or under $2,000 / month – but the same warning about scams applies.

Overall, it seems that the cost of renting in Princeton is not increasing as quickly as overall house prices. Although Princeton is still a very expensive market, landlords appear to be offering incentives for higher-end buildings, and a few one-bedroom units can occasionally be found for under $2,000 / month. Neither of these things were true when we ran the same survey last year. It is not clear whether it is because quite a lot of new apartments have been built in Princeton in recent years, or because of broader economic effects, but renters are getting a little bit of a break relative to people who are trying to buy a home.

All rates quoted reflect figures advertised online. We have not attempted to verify quoted rates. Rental prices can change quickly from month to month.