Rent, population, and median household income are important factors to consider for a 1031 exchange in Lockport due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lockport, New York is a part of the North Submarket submarket area, and contains zip codes 14094 and 14095.
Lockport Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lockport, NY submarket area was $994, which is 11.43% higher than 2014 average rent. This represents a compounded annual growth rate of 2.19%. 2019 vacancy in Lockport, NY was 2.50%.
The total population of the city of Lockport, NY has decreased 2.21% since 2010. As of 2018, the population was 20,076. The median household income of the Lockport was $63,548, which is 5.40% higher than the national average.
- submarket area North Submarket
- avg rent $994
- rent growth 11.43%
- vacancy 2.50%
- median income $63,548
- population (2018) 20,076
- population growth -2.21%
- vs. nat'l avg 5.40%
- zip codes 14094 14095