Rent, population, and median household income are important factors to consider for a 1031 exchange in Red Bank due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Red Bank, New Jersey is a part of the Shore Submarket submarket area, and contains zip code 7701.
Red Bank Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Red Bank, NJ submarket area was $1,342, which is 12.40% higher than 2014 average rent. This represents a compounded annual growth rate of 2.36%. 2019 vacancy in Red Bank, NJ was 2.90%.
The total population of the city of Red Bank, NJ has decreased 1.29% since 2010. As of 2018, the population was 12,048. The median household income of the Red Bank was $69,620, which is 15.47% higher than the national average.
- submarket area Shore Submarket
- avg rent $1,342
- rent growth 12.40%
- vacancy 2.90%
- median income $69,620
- population (2018) 12,048
- population growth -1.29%
- vs. nat'l avg 15.47%
- zip code 7701