Rent, population, and median household income are important factors to consider for a 1031 exchange in Ringwood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Ringwood, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip code 7456.
Ringwood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Ringwood, 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 Ringwood, NJ was 3.60%.
The total population of the city of Ringwood, NJ has decreased 0.02% since 2010. As of 2018, the population was 12,226. The median household income of the Ringwood was $128,093, which is 112.45% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $128,093
- population (2018) 12,226
- population growth -0.02%
- vs. nat'l avg 112.45%
- zip code 7456
