Rent, population, and median household income are important factors to consider for a 1031 exchange in Belleville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Belleville, New Jersey is a part of the Newark/Orange/East Essex County Submarket submarket area, and contains zip code 7109.
Belleville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Belleville, NJ submarket area was $1,198, which is 23.76% higher than 2014 average rent. This represents a compounded annual growth rate of 4.36%. 2019 vacancy in Belleville, NJ was 4.50%.
The total population of the city of Belleville, NJ has grown 1.88% since 2010. As of 2018, the population was 36,602. The median household income of the Belleville was $69,121, which is 14.64% higher than the national average.
- submarket area Newark / Orange / East Essex County Submarket
- avg rent $1,198
- rent growth 23.76%
- vacancy 4.50%
- median income $69,121
- population (2018) 36,602
- population growth 1.88%
- vs. nat'l avg 14.64%
- zip code 7109
