Rent, population, and median household income are important factors to consider for a 1031 exchange in Verona due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Verona, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip code 7044.
Verona Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Verona, 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 Verona, NJ was 4.20%.
The total population of the city of Verona, NJ has grown 0.66% since 2010. As of 2018, the population was 13,420. The median household income of the Verona was $121,141, which is 100.92% higher than the national average.
- submarket area West Essex County Submarket
- avg rent $2,025
- rent growth 24.77%
- vacancy 4.20%
- median income $121,141
- population (2018) 13,420
- population growth 0.66%
- vs. nat'l avg 100.92%
- zip code 7044