Rent, population, and median household income are important factors to consider for a 1031 exchange in Berkeley due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Berkeley, New Jersey is a part of the Ocean County Submarket submarket area.
Berkeley Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Berkeley, NJ submarket area was $1,190, which is 7.21% lower than 2014 average rent. This represents a compounded annual growth rate of 1.40%. 2019 vacancy in Berkeley, NJ was 2.50%.
The total population of the city of Berkeley, NJ has grown 1.23% since 2010. As of 2018, the population was 41,762. The median household income of the Berkeley was $50,444, which is 16.34% lower than the national average.
- submarket area Ocean County Submarket
- avg rent $1,190
- rent growth 7.21%
- vacancy 2.50%
- median income $50,444
- population (2018) 41,762
- population growth 1.23%
- vs. nat'l avg 16.34%