Rent, population, and median household income are important factors to consider for a 1031 exchange in Lawrence due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lawrence, Massachusetts is a part of the North Shore Submarket submarket area, and contains 4 zip codes: 01842, 01840, 01843, and 01841.
Lawrence Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lawrence, MA submarket area was $2,062, which is 23.99% lower than 2014 average rent. This represents a compounded annual growth rate of 4.39%. 2019 vacancy in Lawrence, MA was 3.20%.
The total population of the city of Lawrence, MA has grown 5.24% since 2010. As of 2018, the population was 80,376. The median household income of the Lawrence was $41,853, which is 30.58% lower than the national average.
- submarket area North Shore Submarket
- avg rent $2,062
- rent growth 23.99%
- vacancy 3.20%
- median income $41,853
- population (2018) 80,376
- population growth 5.24%
- vs. nat'l avg 30.58%
- zip codes 01840 01841 01842 01843
