Rent, population, and median household income are important factors to consider for a 1031 exchange in Asbury Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Asbury Park, New Jersey is a part of the Shore Submarket submarket area, and contains zip code 7712.
Asbury Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Asbury Park, NJ submarket area was $1,342, which is 12.40% lower than 2014 average rent. This represents a compounded annual growth rate of 2.36%. 2019 vacancy in Asbury Park, NJ was 2.90%.
The total population of the city of Asbury Park, NJ has decreased 3.75% since 2010. As of 2018, the population was 15,511. The median household income of the Asbury Park was $41,336, which is 31.44% lower than the national average.
- submarket area Shore Submarket
- avg rent $1,342
- rent growth 12.40%
- vacancy 2.90%
- median income $41,336
- population (2018) 15,511
- population growth -3.75%
- vs. nat'l avg 31.44%
- zip code 7712