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
