1031 Exchange Somerville, New Jersey

 

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

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Source: www.zip-codes.com
Source: REIS Market Report
Source: United States Census Bureau

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