Rent, population, and median household income are important factors to consider for a 1031 exchange in Woodland Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Woodland Park, New Jersey is a part of the Passaic County Submarket submarket area.
Woodland Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Woodland Park, NJ submarket area was $1,503, which is 12.16% higher than 2014 average rent. This represents a compounded annual growth rate of 2.32%. 2019 vacancy in Woodland Park, NJ was 3.60%.
The total population of the city of Woodland Park, NJ has grown 6.73% since 2010. As of 2018, the population was 12,614. The median household income of the Woodland Park was $76,068, which is 26.16% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $76,068
- population (2018) 12,614
- population growth 6.73%
- vs. nat'l avg 26.16%