Rent, population, and median household income are important factors to consider for a 1031 exchange in Bernards due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bernards, New Jersey is a part of the Somerset Submarket submarket area.
Bernards Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bernards, NJ submarket area was $1,654, which is 15.34% higher than 2014 average rent. This represents a compounded annual growth rate of 2.90%. 2019 vacancy in Bernards, NJ was 2.70%.
The total population of the city of Bernards, NJ has grown 2.07% since 2010. As of 2018, the population was 27,205. The median household income of the Bernards was $148,483, which is 146.27% higher than the national average.
- submarket area Somerset Submarket
- avg rent $1,654
- rent growth 15.34%
- vacancy 2.70%
- median income $148,483
- population (2018) 27,205
- population growth 2.07%
- vs. nat'l avg 146.27%
