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1031 Exchange Newark, New Jersey

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Newark due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Newark, New Jersey is a part of the Newark/Orange/East Essex County Submarket submarket area, and contains 20 zip codes, including: 07175, 07193, 07106, 07112, 07114, and 07198.

Newark Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Newark, NJ submarket area was $1,198, which is 23.76% lower than 2014 average rent. This represents a compounded annual growth rate of 4.36%. 2019 vacancy in Newark, NJ was 4.50%.

The total population of the city of Newark, NJ has grown 1.79% since 2010. As of 2018, the population was 282,090. The median household income of the Newark was $35,181, which is 41.65% lower than the national average.

  • submarket area Newark / Orange / East Essex County Submarket
  • avg rent $1,198
  • rent growth 23.76%
  • vacancy 4.50%
  • median income $35,181
  • population (2018) 282,090
  • population growth 1.79%
  • vs. nat'l avg 41.65%
  • zip codes 07101 07102 07103 07104 07105 07106 07107 07108 07112 07114 07175 07184 07188 07189 07191 07192 07193 07195 07198 07199

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