Rent, population, and median household income are important factors to consider for a 1031 exchange in North Bergen due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Bergen, New Jersey is a part of the Hudson County Submarket submarket area, and contains zip code 7047.
North Bergen Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Bergen, NJ submarket area was $3,416, which is 19.61% higher than 2014 average rent. This represents a compounded annual growth rate of 3.65%. 2019 vacancy in North Bergen, NJ was 6.40%.
The total population of the city of North Bergen, NJ has grown 1.41% since 2010. As of 2018, the population was 61,627. The median household income of the North Bergen was $61,734, which is 2.39% higher than the national average.
- submarket area Hudson County Submarket
- avg rent $3,416
- rent growth 19.61%
- vacancy 6.40%
- median income $61,734
- population (2018) 61,627
- population growth 1.41%
- vs. nat'l avg 2.39%
- zip code 7047
