Rent, population, and median household income are important factors to consider for a 1031 exchange in Needham due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Needham, Massachusetts is a part of the West/NW Suburban Submarket submarket area, and contains zip code 2492.
Needham Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Needham, MA submarket area was $2,214, which is 29.32% higher than 2014 average rent. This represents a compounded annual growth rate of 5.28%. 2019 vacancy in Needham, MA was 5.30%.
The total population of the city of Needham, MA has grown 8.18% since 2010. As of 2018, the population was 31,248. The median household income of the Needham was $153,032, which is 153.81% higher than the national average.
- submarket area West / NW Suburban Submarket
- avg rent $2,214
- rent growth 29.32%
- vacancy 5.30%
- median income $153,032
- population (2018) 31,248
- population growth 8.18%
- vs. nat'l avg 153.81%
- zip code 2492
