1031 Exchange Cedar Grove, New Jersey

 

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

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