Rent, population, and median household income are important factors to consider for a 1031 exchange in Cromwell due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Cromwell, Connecticut is a part of the South Hartford/North Middlesex Submarket submarket area, and contains zip code 6416.
Cromwell Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Cromwell, CT submarket area was $1,295, which is 12.61% higher than 2014 average rent. This represents a compounded annual growth rate of 2.40%. 2019 vacancy in Cromwell, CT was 4.20%.
The total population of the city of Cromwell, CT has decreased 0.71% since 2010. As of 2018, the population was 13,905. The median household income of the Cromwell was $91,841, which is 52.32% higher than the national average.
- submarket area South Hartford / North Middlesex Submarket
- avg rent $1,295
- rent growth 12.61%
- vacancy 4.20%
- median income $91,841
- population (2018) 13,905
- population growth -0.71%
- vs. nat'l avg 52.32%
- zip code 6416