Rent, population, and median household income are important factors to consider for a 1031 exchange in South Plainfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
South Plainfield, New Jersey is a part of the Northwest Middlesex Submarket submarket area, and contains zip code 7080.
South Plainfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the South Plainfield, NJ submarket area was $1,500, which is 13.46% higher than 2014 average rent. This represents a compounded annual growth rate of 2.56%. 2019 vacancy in South Plainfield, NJ was 1.70%.
The total population of the city of South Plainfield, NJ has grown 3.19% since 2010. As of 2018, the population was 24,131. The median household income of the South Plainfield was $100,782, which is 67.15% higher than the national average.
- submarket area Northwest Middlesex Submarket
- avg rent $1,500
- rent growth 13.46%
- vacancy 1.70%
- median income $100,782
- population (2018) 24,131
- population growth 3.19%
- vs. nat'l avg 67.15%
- zip code 7080