Rent, population, and median household income are important factors to consider for a 1031 exchange in Lebanon due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lebanon, Connecticut is a part of the New London Submarket submarket area, and contains zip code 6249.
Lebanon Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lebanon, 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 Lebanon, CT was 5.70%.
The total population of the city of Lebanon, CT has decreased 1.38% since 2010. As of 2018, the population was 7,207. The median household income of the Lebanon was $95,757, which is 58.82% higher than the national average.
- submarket area New London Submarket
- avg rent $1,245
- rent growth 18.35%
- vacancy 5.70%
- median income $95,757
- population (2018) 7,207
- population growth -1.38%
- vs. nat'l avg 58.82%
- zip code 6249
