1031 Exchange Vernon, Connecticut

 

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%

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