Rent, population, and median household income are important factors to consider for a 1031 exchange in Lowell due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lowell, Massachusetts is a part of the North Shore Submarket submarket area, and contains 5 zip codes: 01850, 01852, 01853, 01854, and 01851.
Lowell Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lowell, 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 Lowell, MA was 3.20%.
The total population of the city of Lowell, MA has grown 4.84% since 2010. As of 2018, the population was 111,670. The median household income of the Lowell was $51,987, which is 13.78% lower than the national average.
- submarket area North Shore Submarket
- avg rent $2,062
- rent growth 23.99%
- vacancy 3.20%
- median income $51,987
- population (2018) 111,670
- population growth 4.84%
- vs. nat'l avg 13.78%
- zip codes 01850 01851 01852 01853 01854