Rent, population, and median household income are important factors to consider for a 1031 exchange in West Orange due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Orange, New Jersey is a part of the West Essex County Submarket submarket area, and contains zip code 7052.
West Orange Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West 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 West Orange, NJ was 4.20%.
The total population of the city of West Orange, NJ has grown 3.27% since 2010. As of 2018, the population was 47,720. The median household income of the West Orange was $99,845, which is 65.60% higher than the national average.
- submarket area West Essex County Submarket
- avg rent $2,025
- rent growth 24.77%
- vacancy 4.20%
- median income $99,845
- population (2018) 47,720
- population growth 3.27%
- vs. nat'l avg 65.60%
- zip code 7052