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