Rent, population, and median household income are important factors to consider for a 1031 exchange in Parsippany-Troy Hills due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Parsippany-Troy Hills, New Jersey is a part of the Morris County Submarket submarket area, and contains zip code 7054.
Parsippany-Troy Hills Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Parsippany-Troy Hills, 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 Parsippany-Troy Hills, NJ was 4.80%.
The total population of the city of Parsippany-Troy Hills, NJ has decreased 1.81% since 2010. As of 2018, the population was 52,265. The median household income of the Parsippany-Troy Hills was $100,105, which is 66.03% higher than the national average.
- submarket area Morris County Submarket
- avg rent $1,575
- rent growth 16.32%
- vacancy 4.80%
- median income $100,105
- population (2018) 52,265
- population growth -1.81%
- vs. nat'l avg 66.03%
- zip code 7054
