Greater Trenton, a nonprofit dedicated to economic revitalization in Trenton, has released a study stating that younger singles and couples representing 68 percent, or the largest share, of the new downtown housing market.
The study also revealed a “strong demand” for up to 760 housing units in the area.
“We’re excited about Trenton’s growing residential market demand, which will help fuel economic activity throughout the city,” Mayor Eric Jackson said. “More residential and mixed-use development will enhance downtown Trenton as a sought-after living destination, as well as a premier state capitol and a business destination.”
The study was conducted by Zimmerman/Volk Associates Inc., which also found that demand for 600 of the 760 units in downtown Trenton includes apartment rentals, with the remaining housing mix including for-sale condominiums and rowhouses/townhomes. Approximately 64 percent of Trenton’s population that changed residences between 2014 and 2015 moved from elsewhere in Mercer County, and another 21.5 percent moved from another county in New Jersey, most notably from Middlesex, Burlington, Somerset and Monmouth counties, or from Bucks County, Pennsylvania.
“Combining Trenton’s affordability and multimodal transit orientation with its quality of life assets in downtown Trenton, including its riveting history and historic buildings, vibrant arts community, landmark museums, parks, upcoming neighborhoods and more, it’s no wonder why there’s a growing demand for housing here,” Greater Trenton CEO George Sowa said. “However, to maximize Trenton’s residential market, it will be important to focus on developing higher-density housing types while also redeveloping existing buildings in downtown Trenton.”