1031 Exchange Scotch Plains, New Jersey

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Scotch Plains due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Scotch Plains, New Jersey is a part of the Union County Submarket submarket area, and contains zip code 7076.

Scotch Plains Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Scotch Plains, NJ submarket area was $1,470, which is 13.69% higher than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Scotch Plains, NJ was 4.50%.

The total population of the city of Scotch Plains, NJ has grown 3.81% since 2010. As of 2018, the population was 24,405. The median household income of the Scotch Plains was $128,890, which is 113.77% higher than the national average.

  • submarket area Union County Submarket
  • avg rent $1,470
  • rent growth 13.69%
  • vacancy 4.50%
  • median income $128,890
  • population (2018) 24,405
  • population growth 3.81%
  • vs. nat'l avg 113.77%
  • zip code 7076

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