Rent, population, and median household income are important factors to consider for a 1031 exchange in Highland Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Highland Park, New Jersey is a part of the Northwest Middlesex Submarket submarket area, and contains zip code 8904.
Highland Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Highland Park, NJ submarket area was $1,500, which is 13.46% higher than 2014 average rent. This represents a compounded annual growth rate of 2.56%. 2019 vacancy in Highland Park, NJ was 1.70%.
The total population of the city of Highland Park, NJ has decreased 0.81% since 2010. As of 2018, the population was 13,869. The median household income of the Highland Park was $80,846, which is 34.09% higher than the national average.
- submarket area Northwest Middlesex Submarket
- avg rent $1,500
- rent growth 13.46%
- vacancy 1.70%
- median income $80,846
- population (2018) 13,869
- population growth -0.81%
- vs. nat'l avg 34.09%
- zip code 8904
