Rent, population, and median household income are important factors to consider for a 1031 exchange in Cedar Grove due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Cedar Grove, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip code 7009.
Cedar Grove Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Cedar Grove, NJ submarket area was $2,025, which is 24.77% higher than 2014 average rent. This represents a compounded annual growth rate of 4.53%. 2019 vacancy in Cedar Grove, NJ was 4.20%.
The total population of the city of Cedar Grove, NJ has grown 1.11% since 2010. As of 2018, the population was 12,549. The median household income of the Cedar Grove was $119,946, which is 98.94% higher than the national average.
- submarket area West Essex County Submarket
- avg rent $2,025
- rent growth 24.77%
- vacancy 4.20%
- median income $119,946
- population (2018) 12,549
- population growth 1.11%
- vs. nat'l avg 98.94%
- zip code 7009