1031 Exchange Millburn, New Jersey

 

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

Surrounding submarket Area

Millburn, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip code 7041.

Millburn Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Millburn, NJ submarket area was $2,025, which is 24.77% higher than 2014 average rent. This represents a compounded annual growth rate of 4.53%. 2019 vacancy in Millburn, NJ was 4.20%.

The total population of the city of Millburn, NJ has grown 0.11% since 2010. As of 2018, the population was 20,171. The median household income of the Millburn was $214,449, which is 255.68% higher than the national average.

  • submarket area West Essex County Submarket
  • avg rent $2,025
  • rent growth 24.77%
  • vacancy 4.20%
  • median income $214,449
  • population (2018) 20,171
  • population growth 0.11%
  • vs. nat'l avg 255.68%
  • zip code 7041

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