Rent, population, and median household income are important factors to consider for a 1031 exchange in Bloomingdale due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bloomingdale, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip code 7403.
Bloomingdale Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bloomingdale, NJ submarket area was $1,503, which is 12.16% higher than 2014 average rent. This represents a compounded annual growth rate of 2.32%. 2019 vacancy in Bloomingdale, NJ was 3.60%.
The total population of the city of Bloomingdale, NJ has grown 5.43% since 2010. As of 2018, the population was 8,072. The median household income of the Bloomingdale was $89,471, which is 48.39% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $89,471
- population (2018) 8,072
- population growth 5.43%
- vs. nat'l avg 48.39%
- zip code 7403
