Rent, population, and median household income are important factors to consider for a 1031 exchange in Newington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Newington, Connecticut is a part of the South Hartford/North Middlesex Submarket submarket area, and contains zip codes 06111 and 06131.
Newington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Newington, CT submarket area was $1,295, which is 12.61% higher than 2014 average rent. This represents a compounded annual growth rate of 2.40%. 2019 vacancy in Newington, CT was 4.20%.
The total population of the city of Newington, CT has decreased 1.47% since 2010. As of 2018, the population was 30,112. The median household income of the Newington was $80,310, which is 33.20% higher than the national average.
- submarket area South Hartford / North Middlesex Submarket
- avg rent $1,295
- rent growth 12.61%
- vacancy 4.20%
- median income $80,310
- population (2018) 30,112
- population growth -1.47%
- vs. nat'l avg 33.20%
- zip codes 06111 06131