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
