Rent, population, and median household income are important factors to consider for a 1031 exchange in Montclair due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Montclair, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip codes 07042 and 07043.
Montclair Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Montclair, 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 Montclair, NJ was 4.20%.
The total population of the city of Montclair, NJ has grown 2.67% since 2010. As of 2018, the population was 38,676. The median household income of the Montclair was $117,151, which is 94.30% higher than the national average.
- submarket area West Essex County Submarket
- avg rent $2,025
- rent growth 24.77%
- vacancy 4.20%
- median income $117,151
- population (2018) 38,676
- population growth 2.67%
- vs. nat'l avg 94.30%
- zip codes 07042 07043
