Rent, population, and median household income are important factors to consider for a 1031 exchange in Red Lion due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Red Lion, New Jersey is a part of the Southwest Middlesex Submarket submarket area.
Red Lion Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Red Lion, NJ submarket area was $1,570, which is 22.56% lower than 2014 average rent. This represents a compounded annual growth rate of 4.15%. 2019 vacancy in Red Lion, NJ was 2.90%.
The total population of the city of Red Lion, NJ has decreased 0.47% since 2010. As of 2018, the population was 6,343. The median household income of the Red Lion was $55,635, which is 7.73% lower than the national average.
- submarket area Southwest Middlesex Submarket
- avg rent $1,570
- rent growth 22.56%
- vacancy 2.90%
- median income $55,635
- population (2018) 6,343
- population growth -0.47%
- vs. nat'l avg 7.73%