Rent, population, and median household income are important factors to consider for a 1031 exchange in East Lyme due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
East Lyme, Connecticut is a part of the New London Submarket submarket area, and contains zip code 6333.
East Lyme Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the East Lyme, CT submarket area was $1,245, which is 18.35% higher than 2014 average rent. This represents a compounded annual growth rate of 3.43%. 2019 vacancy in East Lyme, CT was 5.70%.
The total population of the city of East Lyme, CT has decreased 2.68% since 2010. As of 2018, the population was 18,645. The median household income of the East Lyme was $93,416, which is 54.94% higher than the national average.
- submarket area New London Submarket
- avg rent $1,245
- rent growth 18.35%
- vacancy 5.70%
- median income $93,416
- population (2018) 18,645
- population growth -2.68%
- vs. nat'l avg 54.94%
- zip code 6333