Rent, population, and median household income are important factors to consider for a 1031 exchange in Morris due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Morris, New Jersey is a part of the Morris County Submarket submarket area.
Morris Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Morris, 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 Morris, NJ was 4.80%.
The total population of the city of Morris, NJ has decreased 0.44% since 2010. As of 2018, the population was 22,207. The median household income of the Morris was $143,150, which is 137.42% higher than the national average.
- submarket area Morris County Submarket
- avg rent $1,575
- rent growth 16.32%
- vacancy 4.80%
- median income $143,150
- population (2018) 22,207
- population growth -0.44%
- vs. nat'l avg 137.42%