Rent, population, and median household income are important factors to consider for a 1031 exchange in Monroe Township due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Monroe Township, New Jersey is a part of the East Middlesex Submarket submarket area, and contains zip code 8831.
Monroe Township Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Monroe Township, NJ submarket area was $1,455, which is 12.88% higher than 2014 average rent. This represents a compounded annual growth rate of 2.45%. 2019 vacancy in Monroe Township, NJ was 2.80%.
The total population of the city of Monroe Township, NJ has grown 14.53% since 2010. As of 2018, the population was 44,818. The median household income of the Monroe Township was $83,091, which is 37.81% higher than the national average.
- submarket area East Middlesex Submarket
- avg rent $1,455
- rent growth 12.88%
- vacancy 2.80%
- median income $83,091
- population (2018) 44,818
- population growth 14.53%
- vs. nat'l avg 37.81%
- zip code 8831