Rent, population, and median household income are important factors to consider for a 1031 exchange in Manchester due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Manchester, Connecticut is a part of the East Hartford/Manchester Submarket submarket area, and contains 4 zip codes: 06040, 06045, 06041, and 06042.
Manchester Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Manchester, CT submarket area was $1,183, which is 11.29% higher than 2014 average rent. This represents a compounded annual growth rate of 2.16%. 2019 vacancy in Manchester, CT was 2.40%.
The total population of the city of Manchester, CT has decreased 0.93% since 2010. As of 2018, the population was 57,699. The median household income of the Manchester was $70,736, which is 17.32% higher than the national average.
- submarket area East Hartford / Manchester Submarket
- avg rent $1,183
- rent growth 11.29%
- vacancy 2.40%
- median income $70,736
- population (2018) 57,699
- population growth -0.93%
- vs. nat'l avg 17.32%
- zip codes 06040 06041 06042 06045