Rent, population, and median household income are important factors to consider for a 1031 exchange in Newark due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Newark, New York is a part of the Southeast Monroe/East Counties Submarket submarket area, and contains zip code 14513.
Newark Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Newark, NY submarket area was $1,192, which is 20.89% lower than 2014 average rent. This represents a compounded annual growth rate of 3.87%. 2019 vacancy in Newark, NY was 4.60%.
The total population of the city of Newark, NY has decreased 3.17% since 2010. As of 2018, the population was 8,855. The median household income of the Newark was $41,988, which is 30.36% lower than the national average.
- submarket area Southeast Monroe / East Counties Submarket
- avg rent $1,192
- rent growth 20.89%
- vacancy 4.60%
- median income $41,988
- population (2018) 8,855
- population growth -3.17%
- vs. nat'l avg 30.36%
- zip code 14513