Rent, population, and median household income are important factors to consider for a 1031 exchange in Somerville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Somerville, New Jersey is a part of the Somerset Submarket submarket area, and contains zip code 8876.
Somerville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Somerville, NJ submarket area was $1,654, which is 15.34% higher than 2014 average rent. This represents a compounded annual growth rate of 2.90%. 2019 vacancy in Somerville, NJ was 2.70%.
The total population of the city of Somerville, NJ has grown 0.86% since 2010. As of 2018, the population was 12,202. The median household income of the Somerville was $75,718, which is 25.58% higher than the national average.
- submarket area Somerset Submarket
- avg rent $1,654
- rent growth 15.34%
- vacancy 2.70%
- median income $75,718
- population (2018) 12,202
- population growth 0.86%
- vs. nat'l avg 25.58%
- zip code 8876