Selected Criteria:
A circle with radius 2.8 miles
3+ bedroom, 1200+ sqft
Found Listing: 328
Below is the distribution of the rent. Q1, median and Q3 are $1550, $1600, $1735 respectively. With a good condition, we may increase the rent to around $1700.
Below is the lease speed from 2019/08. You may notice that the house can be leased faster and faster in this region. During the initial period of COVID from 2020/03 to 2020/07, the lease speed is relatively stable with median around 16 days. Afterwards, the leasing is getting faster and the median decreases to values below 10 days.
We can check if the faster lease speed is caused by the shortage of available listing. Below is the listing analysis. The red line above is the median monthly rent, the single red bar is the monthly new listings, and the stacked bar immediately after that is the number of rentals for the month, which I have carefully colored in for you, with the rental rate under 30 days (30-) in green, 30-60 days in blue, and more than 60 days in orange. Looking at the monthly supply of new listings, the change in values from 2019/08 to 2020/09 is relatively stable with a range of between 12 and 26. After 2020/10, the new listing number decreases to values less than 10 .
Generally speaking, I think the rental market in this region is getting hot, the shortage is not obvious before 2020/10 but the lease speed is faster probably due to the dramatical population increase. The condition after 2020/10 has something with the shortage of the listings.
This is the Population Report of Princeton
Additionally, this is the Demographics Report for Princeton.
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