True Cost of Renting in Princeton, NJ
Princeton's rental market is shaped almost entirely by Princeton University — one of the world's leading research institutions. The university employs 5,000+ and attracts visiting scholars, graduate students, and professional staff who compete for a limited housing stock in one of New Jersey's most desirable small towns. NJ Transit's Princeton Branch provides access to the main Northeast Corridor line.
Neighborhoods & Average Rents
Princeton Borough / Nassau Street
- Studio:
- $1,800/mo
- 1 Bed:
- $2,200/mo
- 2 Bed:
- $3,000/mo
Walkable town center adjacent to Princeton University's main campus; boutique shops, restaurants, and the McCarter Theatre. High competition for units — extremely low vacancy. JCP&L (Jersey Central Power & Light) electric. On-street parking limited.
Princeton Township (outer)
- 1 Bed:
- $2,000/mo
- 2 Bed:
- $2,700/mo
Quieter suburban areas surrounding the Borough; apartment complexes and converted homes. Car essential for most errands. NJ Transit bus 605 to Princeton Junction station. Lower rents than Borough with similar area access.
Lawrence Township / Lawrenceville
- 1 Bed:
- $1,700/mo
- 2 Bed:
- $2,300/mo
Adjacent township with apartment complexes near Princeton Junction NJ Transit station (Northeast Corridor direct to NYC Penn 70 min, Philly 50 min). More affordable than Princeton Borough. Car required. Proximity to NJ Route 1 tech corridor.
Utility Providers
- Electric
- JCP&L (Jersey Central Power & Light)
- Water
- Princeton Water Utility
- Internet
- Optimum, Verizon Fios, Spectrum
Commute & Transportation
The Princeton Junction NJ Transit station is 5 miles south on NJ Route 1 — the Princeton Branch ("Dinky") shuttle connects to the station. From Princeton Junction: NYC Penn Station is 70 minutes (NEC local), Philadelphia 30th Street Station is 50 minutes. The NJ Route 1 corridor between Princeton and Trenton hosts major pharmaceutical and tech employers (Bristol Myers Squibb, Novo Nordisk, and biotech companies at the Princeton Forrestal Center). Nassau Street in Princeton Borough is walkable for University employees. The I-295 and NJ Turnpike are accessible for highway commuters.
Rental Market Overview
Princeton's rental market is chronically supply-constrained. The university's graduate housing is limited, and private rental units in the Borough go quickly. JCP&L electric rates are moderate. The NJ Route 1 biotech and pharma corridor creates demand from corporate renters who work in the corridor. Monthly NJ Transit passes from Princeton Junction to NYC Penn run approximately $280–310/month. Renters insurance averages $14–20/month. The overall quality of life — excellent schools, walkable downtown, cultural amenities — commands a persistent premium above comparably located NJ communities.
Data last updated: 2026-04
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