Rent, population, and median household income are important factors to consider for a 1031 exchange in De Witt due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
De Witt, New York is a part of the Outer Onondaga/South Submarket submarket area.
De Witt Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the De Witt, NY submarket area was $924, which is 25.20% higher than 2014 average rent. This represents a compounded annual growth rate of 4.60%. 2019 vacancy in De Witt, NY was 3.90%.
The total population of the city of De Witt, NY has decreased 2.88% since 2010. As of 2018, the population was 25,093. The median household income of the De Witt was $68,460, which is 13.55% higher than the national average.
- submarket area Outer Onondaga / South Submarket
- avg rent $924
- rent growth 25.20%
- vacancy 3.90%
- median income $68,460
- population (2018) 25,093
- population growth -2.88%
- vs. nat'l avg 13.55%
