Rent, population, and median household income are important factors to consider for a 1031 exchange in Upper Freehold due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Upper Freehold, New Jersey is a part of the West Monmouth Submarket submarket area.
Upper Freehold Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Upper Freehold, NJ submarket area was $1,389, which is 16.14% higher than 2014 average rent. This represents a compounded annual growth rate of 3.04%. 2019 vacancy in Upper Freehold, NJ was 4.30%.
The total population of the city of Upper Freehold, NJ has grown 1.70% since 2010. As of 2018, the population was 7,019. The median household income of the Upper Freehold was $136,705, which is 126.73% higher than the national average.
- submarket area West Monmouth Submarket
- avg rent $1,389
- rent growth 16.14%
- vacancy 4.30%
- median income $136,705
- population (2018) 7,019
- population growth 1.70%
- vs. nat'l avg 126.73%