Rent, population, and median household income are important factors to consider for a 1031 exchange in Pompton Lakes due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Pompton Lakes, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip code 7442.
Pompton Lakes Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Pompton Lakes, NJ submarket area was $1,503, which is 12.16% higher than 2014 average rent. This represents a compounded annual growth rate of 2.32%. 2019 vacancy in Pompton Lakes, NJ was 3.60%.
The total population of the city of Pompton Lakes, NJ has decreased 0.75% since 2010. As of 2018, the population was 11,014. The median household income of the Pompton Lakes was $97,782, which is 62.18% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $97,782
- population (2018) 11,014
- population growth -0.75%
- vs. nat'l avg 62.18%
- zip code 7442