Rent, population, and median household income are important factors to consider for a 1031 exchange in Bernardsville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bernardsville, New Jersey is a part of the Somerset Submarket submarket area, and contains zip code 7924.
Bernardsville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bernardsville, 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 Bernardsville, NJ was 2.70%.
The total population of the city of Bernardsville, NJ has decreased 0.27% since 2010. As of 2018, the population was 7,686. The median household income of the Bernardsville was $159,909, which is 165.22% higher than the national average.
- submarket area Somerset Submarket
- avg rent $1,654
- rent growth 15.34%
- vacancy 2.70%
- median income $159,909
- population (2018) 7,686
- population growth -0.27%
- vs. nat'l avg 165.22%
- zip code 7924