Rent, population, and median household income are important factors to consider for a 1031 exchange in Ocean due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Ocean, New Jersey is a part of the Ocean County Submarket submarket area.
Ocean Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Ocean, NJ submarket area was $1,190, which is 7.21% higher than 2014 average rent. This represents a compounded annual growth rate of 1.40%. 2019 vacancy in Ocean, NJ was 2.50%.
The total population of the city of Ocean, NJ has grown 8.76% since 2010. As of 2018, the population was 9,062. The median household income of the Ocean was $67,006, which is 11.13% higher than the national average.
- submarket area Ocean County Submarket
- avg rent $1,190
- rent growth 7.21%
- vacancy 2.50%
- median income $67,006
- population (2018) 9,062
- population growth 8.76%
- vs. nat'l avg 11.13%
