Rent, population, and median household income are important factors to consider for a 1031 exchange in New London due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
New London, Connecticut is a part of the New London Submarket submarket area, and contains zip code 6320.
New London Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the New London, CT submarket area was $1,245, which is 18.35% lower than 2014 average rent. This represents a compounded annual growth rate of 3.43%. 2019 vacancy in New London, CT was 5.70%.
The total population of the city of New London, CT has decreased 2.47% since 2010. As of 2018, the population was 26,939. The median household income of the New London was $39,675, which is 34.20% lower than the national average.
- submarket area New London Submarket
- avg rent $1,245
- rent growth 18.35%
- vacancy 5.70%
- median income $39,675
- population (2018) 26,939
- population growth -2.47%
- vs. nat'l avg 34.20%
- zip code 6320
