1031 Exchange Irvington, New Jersey

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Irvington due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Irvington, New Jersey is a part of the Newark/Orange/East Essex County Submarket submarket area, and contains zip code 7111.

Irvington Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Irvington, NJ submarket area was $1,198, which is 23.76% lower than 2014 average rent. This represents a compounded annual growth rate of 4.36%. 2019 vacancy in Irvington, NJ was 4.50%.

The total population of the city of Irvington, NJ has grown 0.57% since 2010. As of 2018, the population was 54,233. The median household income of the Irvington was $41,868, which is 30.56% lower than the national average.

  • submarket area Newark / Orange / East Essex County Submarket
  • avg rent $1,198
  • rent growth 23.76%
  • vacancy 4.50%
  • median income $41,868
  • population (2018) 54,233
  • population growth 0.57%
  • vs. nat'l avg 30.56%
  • zip code 7111

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