Rent, population, and median household income are important factors to consider for a 1031 exchange in Lakewood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lakewood, New Jersey is a part of the Ocean County Submarket submarket area, and contains zip code 8701.
Lakewood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lakewood, NJ submarket area was $1,190, which is 7.21% lower than 2014 average rent. This represents a compounded annual growth rate of 1.40%. 2019 vacancy in Lakewood, NJ was 2.50%.
The total population of the city of Lakewood, NJ has grown 12.19% since 2010. As of 2018, the population was 104,157. The median household income of the Lakewood was $48,341, which is 19.82% lower than the national average.
- submarket area Ocean County Submarket
- avg rent $1,190
- rent growth 7.21%
- vacancy 2.50%
- median income $48,341
- population (2018) 104,157
- population growth 12.19%
- vs. nat'l avg 19.82%
- zip code 8701