Rent, population, and median household income are important factors to consider for a 1031 exchange in Ridgewood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Ridgewood, New Jersey is a part of the Bergen County Submarket submarket area, and contains zip codes 07450 and 07451.
Ridgewood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Ridgewood, NJ submarket area was $2,107, which is 20.19% higher than 2014 average rent. This represents a compounded annual growth rate of 3.75%. 2019 vacancy in Ridgewood, NJ was 4.00%.
The total population of the city of Ridgewood, NJ has grown 1.26% since 2010. As of 2018, the population was 25,272. The median household income of the Ridgewood was $168,608, which is 179.65% higher than the national average.
- submarket area Bergen County Submarket
- avg rent $2,107
- rent growth 20.19%
- vacancy 4.00%
- median income $168,608
- population (2018) 25,272
- population growth 1.26%
- vs. nat'l avg 179.65%
- zip codes 07450 07451