Rent, population, and median household income are important factors to consider for a 1031 exchange in Hackensack due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Hackensack, New Jersey is a part of the Bergen County Submarket submarket area, and contains zip codes 07601 and 07602.
Hackensack Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Hackensack, 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 Hackensack, NJ was 4.00%.
The total population of the city of Hackensack, NJ has grown 3.30% since 2010. As of 2018, the population was 44,522. The median household income of the Hackensack was $67,188, which is 11.44% higher than the national average.
- submarket area Bergen County Submarket
- avg rent $2,107
- rent growth 20.19%
- vacancy 4.00%
- median income $67,188
- population (2018) 44,522
- population growth 3.30%
- vs. nat'l avg 11.44%
- zip codes 07601 07602
