Rent, population, and median household income are important factors to consider for a 1031 exchange in Covington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Covington, Louisiana is a part of the St. Tammany Submarket submarket area, and contains 3 zip codes: 70435, 70433, and 70434.
Covington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Covington, LA submarket area was $1,104, which is 5.95% lower than 2014 average rent. This represents a compounded annual growth rate of 1.16%. 2019 vacancy in Covington, LA was 5.00%.
The total population of the city of Covington, LA has grown 19.37% since 2010. As of 2018, the population was 10,463. The median household income of the Covington was $56,754, which is 5.87% lower than the national average.
- submarket area St. Tammany Submarket
- avg rent $1,104
- rent growth 5.95%
- vacancy 5.00%
- median income $56,754
- population (2018) 10,463
- population growth 19.37%
- vs. nat'l avg 5.87%
- zip codes 70433 70434 70435