The Princeton rental market remains very healthy with high demand and limited inventory being the defining factor for the market. Just as in the Princeton home market there is not enough inventory to meet demand, despite the high number of rental units that have come to the market.
Here are some quick insights into the rental homes that closed in Princeton in March 2017:
- The average rental was on the mark for 107 days. This ‘days on market’ is higher then we normally see, though there were a couple of homes that settled after a number of price reductions as they were aggressively priced from the start.
- The average interior square footage was 1,821 square feet.
- Landlords were able to retain 93% of their asking price. This is also a bit lower then the norm which has been close to 100% though as mentioned above a couple of Princeton landlords had homes that were priced above the market. Once they were reduced they rented quickly.
- The Princeton homes that rented in March had an average of 3 bedrooms and 2 baths.
What is the future for the Princeton rental market? We will continue to see increasing rents and landlords being very aggressive on pricing. Call the Weichert, Princeton office at 609-921-1900. We lead the market in Princeton home sales and rentals. Take a look at a few more Princeton rentals that are currently on the market.
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