Trenton airport for demand analysis associated with office space and retail product needs

1. Trenton airport for demand
analysis associated with
office space and retail
product needs
1.0- and 3.0mile circular ring around the Trenton airport

2. Housing Demand in the Trenton
Total demand represents estimated
production necessary to achieve a
balanced market. A portion of the
estimated 4,600 other vacant units in
Trenton will likely satisfy some of the
forecast demand.

3. Major Employers in the Trenton
Excludes local school districts.
Employment totals for The State of
New Jersey exclude employment at
state-run hospitals and
colleges/universities.
Sources: economy.com; U.S. Bureau of Labor Statistics

4. Current Nonfarm Payroll Jobs in Trenton
Note: Based on 12-month averages
through 2018.
Source: U.S. Bureau of Labor Statistics

5. Sector Growth in the Trenton
Note: Current is based
on 12-month averages
through 2018.
Source: U.S. Bureau of Labor Statistics

6. Population and Household Growth in the
Trenton HMA, 2000 to Forecast (August 2019)
Notes: The current to forecast
date is August 1, 2019. The
forecast date is August 1, 2019.
Sources: 2000 and 2010—2000 Census and 2010 Census; current and
forecast— estimates by analyst

7. Components of Population Change in the
Trenton
Notes: The current to forecast
date is August 1, 2019. The
forecast date is August 1, 2019.
The population of Trenton is
expected to expand by an average
of 830, or 0.2 percent, annually
during the next 3-year forecast
period, to reach 374,300 by 2022.
Sources: 2000 and 2010—2000 Census and 2010 Census; current and
forecast— estimates by analyst

8. Number of Households by Tenure in the
Trenton
The number of households is
expected to increase during
the forecast period at an
average annual rate of 0.2
percent, or by 330
households, to reach
136,200.

9. Single-Family Homes Permitted in Trenton
Recent construction activity includes
Hamilton Chase, a 105-unit townhome
community in Hamilton Township. All units
were constructed between 2014 and 2016
and prices for these two-bedroom homes
started at $260,000. A total of 381
townhomes and condominiums are planned
at The Crossings at Hamilton Station. More
than one-third of the homes have been
completed since 2010 and the remaining
homes will be built as they are sold. Prices
for the two-bedroom townhomes and
condominiums start at $404,500 and
$250,000, respectively. Construction
continues at the Cubberly Meadows
Estates, located in Robbinsville, where
more than 95 percent of the 110 homes
have been constructed since 2008 and
prices for these five-bedroom, four-and-a-
half-bathroom homes start at $869,900.

10. Estimated Demand for New Market-Rate Sales
Housing in the Trenton
During the next 3-year forecast period, demand is estimated for
830 new single-family homes, townhomes, and condominiums ,
The homes currently under construction and a portion of the
estimated 4,600 other vacant units in Trenton will likely satisfy
some of the forecast demand.
Demand is expected to increase slowly
during the next 3 years of the forecast
period because of estimated continued
job growth. New units, however, will
not be needed until the second year of
the forecast period, after the current
excess supply and homes under
construction are absorbed. New home
prices in Trenton are expected to start
at $200,000, and 45 percent of the
demand is estimated to be for homes
priced from $200,000 to $399,999

11. Rental Vacancy Rates in Trenton
The rental housing market, including
apartment units and single-family rental
homes, in the Trenton is currently slightly
soft, but conditions are improving. The
overall rental vacancy rate is currently
estimated at 7.7 percent, down compared
with the 8.6-percent rate in 2010 .
Rental market conditions were balanced
from 2000 through 2004 but transitioned to
soft from 2005 through 2010 because of
steady net out-migration. Since 2011,
conditions have slowly improved to slightly
soft in response to high foreclosure rates
and residents’ choosing to rent rather than
own because of tighter borrowing
requirements for potential homebuyers.

12. Multifamily Units Permitted in Trenton
Multifamily building activity, as measured by the
number of units permitted, has been strong and, on
average, levels are at their highest since the early
1990s. From 2000 through 2004, construction activity
averaged 440 units annually.
Rents for these newly constructed studio, one-bedroom,
two-bedroom, and three-bedroom units start at $2,250,
$2,700, $3,125, and $3,950, respectively. In Trenton,
construction recently began at the 138-unit Roebling
Lofts. All units were completed during 2018; rents for
the one- and two-bedroom units start at approximately
$1,150 and $1,600, respectively.
The HMA is home to three colleges and universities that
house students: Princeton University, TCNJ, and Rider
University. More than 56 percent of the nearly 20,000
students enrolled at these schools are housed in on-
campus dormitories. Of the remaining students, 90
percent are estimated to reside within the HMA, and
student households account for approximately 5 percent
of all renter households.

13. Estimated Demand for New Market-Rate
Rental Housing in Trenton
Numbers may not
add to totals
because of rounding.
Monthly rent does
not include utilities
or concessions. The
units currently
under construction
will likely satisfy
some of the
estimated demand.

14. Trenton HMA Data Profile
Notes: Numbers may not add
to totals because of rounding.
Employment data represent
annual averages for 2000,
2010. Median Family Incomes
are for 1999, 2009, and 2014.
The current date is August 1,
2016.
Sources: U.S. Census Bureau;
U.S. Department of Housing
and Urban Development.