1031 Exchange South Orange, New Jersey

 

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

Surrounding submarket Area

South Orange, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip code 7079.

South Orange Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the South Orange, NJ submarket area was $2,025, which is 24.77% higher than 2014 average rent. This represents a compounded annual growth rate of 4.53%. 2019 vacancy in South Orange, NJ was 4.20%.

The total population of the city of South Orange, NJ has grown 3.36% since 2010. As of 2018, the population was 16,743. The median household income of the South Orange was $133,555, which is 121.51% higher than the national average.

  • submarket area West Essex County Submarket
  • avg rent $2,025
  • rent growth 24.77%
  • vacancy 4.20%
  • median income $133,555
  • population (2018) 16,743
  • population growth 3.36%
  • vs. nat'l avg 121.51%
  • zip code 7079

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