Rent, population, and median household income are important factors to consider for a 1031 exchange in Montville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Montville, New Jersey is a part of the Morris County Submarket submarket area, and contains zip code 7045.
Montville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Montville, NJ submarket area was $1,575, which is 16.32% higher than 2014 average rent. This represents a compounded annual growth rate of 3.07%. 2019 vacancy in Montville, NJ was 4.80%.
The total population of the city of Montville, NJ has decreased 0.92% since 2010. As of 2018, the population was 21,330. The median household income of the Montville was $143,523, which is 138.04% higher than the national average.
- submarket area Morris County Submarket
- avg rent $1,575
- rent growth 16.32%
- vacancy 4.80%
- median income $143,523
- population (2018) 21,330
- population growth -0.92%
- vs. nat'l avg 138.04%
- zip code 7045