Rent, population, and median household income are important factors to consider for a 1031 exchange in Summit due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Summit, New Jersey is a part of the Union County Submarket submarket area, and contains zip codes 07901 and 07902.
Summit Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Summit, 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 Summit, NJ was 4.50%.
The total population of the city of Summit, NJ has grown 2.61% since 2010. As of 2018, the population was 22,016. The median household income of the Summit was $146,755, which is 143.40% higher than the national average.
- submarket area Union County Submarket
- avg rent $1,470
- rent growth 13.69%
- vacancy 4.50%
- median income $146,755
- population (2018) 22,016
- population growth 2.61%
- vs. nat'l avg 143.40%
- zip codes 07901 07902