1031 Exchange New Britain, Connecticut

 

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: 06050, 06051, 06052, and 06053.

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

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