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