Rent, population, and median household income are important factors to consider for a 1031 exchange in Elizabeth due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Elizabeth, New Jersey is a part of the Union County Submarket submarket area, and contains 4 zip codes: 07201, 07207, 07202, and 07208.
Elizabeth Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Elizabeth, NJ submarket area was $1,470, which is 13.69% lower than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Elizabeth, NJ was 4.50%.
The total population of the city of Elizabeth, NJ has grown 3.13% since 2010. As of 2018, the population was 128,885. The median household income of the Elizabeth was $46,975, which is 22.09% lower than the national average.
- submarket area Union County Submarket
- avg rent $1,470
- rent growth 13.69%
- vacancy 4.50%
- median income $46,975
- population (2018) 128,885
- population growth 3.13%
- vs. nat'l avg 22.09%
- zip codes 07201 07202 07207 07208