Rent, population, and median household income are important factors to consider for a 1031 exchange in Vernon due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Vernon, Connecticut is a part of the Tolland/Windham Submarket submarket area.
Vernon Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Vernon, CT submarket area was $1,194, which is 12.85% higher than 2014 average rent. This represents a compounded annual growth rate of 2.45%. 2019 vacancy in Vernon, CT was 3.50%.
The total population of the city of Vernon, CT has grown 0.42% since 2010. As of 2018, the population was 29,303. The median household income of the Vernon was $62,566, which is 3.77% higher than the national average.
- submarket area Tolland / Windham Submarket
- avg rent $1,194
- rent growth 12.85%
- vacancy 3.50%
- median income $62,566
- population (2018) 29,303
- population growth 0.42%
- vs. nat'l avg 3.77%