1031 Exchange Red Bank, New Jersey

 

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

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