Rent, population, and median household income are important factors to consider for a 1031 exchange in New Britain due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
New Britain, Connecticut is a part of the Southwest Submarket submarket area, and contains 4 zip codes: 06051, 06050, 06053, and 06052.
New Britain Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the New Britain, CT submarket area was $1,049, which is 8.03% lower than 2014 average rent. This represents a compounded annual growth rate of 1.56%. 2019 vacancy in New Britain, CT was 4.00%.
The total population of the city of New Britain, CT has decreased 1.03% since 2010. As of 2018, the population was 72,453. The median household income of the New Britain was $45,258, which is 24.94% lower than the national average.
- submarket area Southwest Submarket
- avg rent $1,049
- rent growth 8.03%
- vacancy 4.00%
- median income $45,258
- population (2018) 72,453
- population growth -1.03%
- vs. nat'l avg 24.94%
- zip codes 06050 06051 06052 06053