1031 Exchange Berkeley, New Jersey

 

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%

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