Rent, population, and median household income are important factors to consider for a 1031 exchange in Southington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Southington, Connecticut is a part of the Southwest Submarket submarket area, and contains zip code 6489.
Southington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Southington, CT submarket area was $1,049, which is 8.03% higher than 2014 average rent. This represents a compounded annual growth rate of 1.56%. 2019 vacancy in Southington, CT was 4.00%.
The total population of the city of Southington, CT has grown 1.71% since 2010. As of 2018, the population was 43,807. The median household income of the Southington was $92,220, which is 52.95% higher than the national average.
- submarket area Southwest Submarket
- avg rent $1,049
- rent growth 8.03%
- vacancy 4.00%
- median income $92,220
- population (2018) 43,807
- population growth 1.71%
- vs. nat'l avg 52.95%
- zip code 6489
