Rent, population, and median household income are important factors to consider for a 1031 exchange in Milltown due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Milltown, New Jersey is a part of the Southwest Middlesex Submarket submarket area, and contains zip code 8850.
Milltown Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Milltown, NJ submarket area was $1,570, which is 22.56% higher than 2014 average rent. This represents a compounded annual growth rate of 4.15%. 2019 vacancy in Milltown, NJ was 2.90%.
The total population of the city of Milltown, NJ has grown 2.05% since 2010. As of 2018, the population was 7,034. The median household income of the Milltown was $102,738, which is 70.40% higher than the national average.
- submarket area Southwest Middlesex Submarket
- avg rent $1,570
- rent growth 22.56%
- vacancy 2.90%
- median income $102,738
- population (2018) 7,034
- population growth 2.05%
- vs. nat'l avg 70.40%
- zip code 8850