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1031 Exchange Elma, New York

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Elma due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Elma, New York is a part of the South Submarket submarket area, and contains zip code 14059.

Elma Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Elma, NY submarket area was $968, which is 25.71% higher than 2014 average rent. This represents a compounded annual growth rate of 4.68%. 2019 vacancy in Elma, NY was 3.30%.

The total population of the city of Elma, NY has grown 3.83% since 2010. As of 2018, the population was 11,751. The median household income of the Elma was $75,717, which is 25.58% higher than the national average.

  • submarket area South Submarket
  • avg rent $968
  • rent growth 25.71%
  • vacancy 3.30%
  • median income $75,717
  • population (2018) 11,751
  • population growth 3.83%
  • vs. nat'l avg 25.58%
  • zip code 14059

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