1031 Exchange Cromwell, Connecticut

 

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

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