Rent, population, and median household income are important factors to consider for a 1031 exchange in Plainfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Plainfield, New Jersey is a part of the Union County Submarket submarket area, and contains 4 zip codes: 07063, 07062, 07060, and 07061.
Plainfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Plainfield, NJ submarket area was $1,470, which is 13.69% lower than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Plainfield, NJ was 4.50%.
The total population of the city of Plainfield, NJ has grown 1.78% since 2010. As of 2018, the population was 50,693. The median household income of the Plainfield was $57,334, which is 4.91% lower than the national average.
- submarket area Union County Submarket
- avg rent $1,470
- rent growth 13.69%
- vacancy 4.50%
- median income $57,334
- population (2018) 50,693
- population growth 1.78%
- vs. nat'l avg 4.91%
- zip codes 07060 07061 07062 07063