1031 Exchange Hackensack, New Jersey

 

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

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