Rent, population, and median household income are important factors to consider for a 1031 exchange in Norwich due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Norwich, Connecticut is a part of the New London Submarket submarket area, and contains zip code 6360.
Norwich Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Norwich, 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 Norwich, CT was 5.70%.
The total population of the city of Norwich, CT has decreased 3.35% since 2010. As of 2018, the population was 39,136. The median household income of the Norwich was $55,391, which is 8.13% lower than the national average.
- submarket area New London Submarket
- avg rent $1,245
- rent growth 18.35%
- vacancy 5.70%
- median income $55,391
- population (2018) 39,136
- population growth -3.35%
- vs. nat'l avg 8.13%
- zip code 6360
