Rent, population, and median household income are important factors to consider for a 1031 exchange in Dover due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Dover, New Jersey is a part of the Morris County Submarket submarket area, and contains zip codes 07801 and 07802.
Dover Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Dover, NJ submarket area was $1,575, which is 16.32% higher than 2014 average rent. This represents a compounded annual growth rate of 3.07%. 2019 vacancy in Dover, NJ was 4.80%.
The total population of the city of Dover, NJ has decreased 1.08% since 2010. As of 2018, the population was 17,961. The median household income of the Dover was $70,412, which is 16.78% higher than the national average.
- submarket area Morris County Submarket
- avg rent $1,575
- rent growth 16.32%
- vacancy 4.80%
- median income $70,412
- population (2018) 17,961
- population growth -1.08%
- vs. nat'l avg 16.78%
- zip codes 07801 07802