Rent, population, and median household income are important factors to consider for a 1031 exchange in Franklin Lakes due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Franklin Lakes, New Jersey is a part of the Bergen County Submarket submarket area, and contains zip code 7417.
Franklin Lakes Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Franklin Lakes, NJ submarket area was $2,107, which is 20.19% higher than 2014 average rent. This represents a compounded annual growth rate of 3.75%. 2019 vacancy in Franklin Lakes, NJ was 4.00%.
The total population of the city of Franklin Lakes, NJ has grown 4.78% since 2010. As of 2018, the population was 11,096. The median household income of the Franklin Lakes was $159,883, which is 165.18% higher than the national average.
- submarket area Bergen County Submarket
- avg rent $2,107
- rent growth 20.19%
- vacancy 4.00%
- median income $159,883
- population (2018) 11,096
- population growth 4.78%
- vs. nat'l avg 165.18%
- zip code 7417