Rent, population, and median household income are important factors to consider for a 1031 exchange in Oakland due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oakland, New Jersey is a part of the Bergen County Submarket submarket area, and contains zip code 7436.
Oakland Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oakland, NJ submarket area was $2,107, which is 20.19% higher than 2014 average rent. This represents a compounded annual growth rate of 3.75%. 2019 vacancy in Oakland, NJ was 4.00%.
The total population of the city of Oakland, NJ has grown 2.09% since 2010. As of 2018, the population was 13,021. The median household income of the Oakland was $117,996, which is 95.70% higher than the national average.
- submarket area Bergen County Submarket
- avg rent $2,107
- rent growth 20.19%
- vacancy 4.00%
- median income $117,996
- population (2018) 13,021
- population growth 2.09%
- vs. nat'l avg 95.70%
- zip code 7436