Rent, population, and median household income are important factors to consider for a 1031 exchange in Mendon due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Mendon, New York is a part of the Southeast Monroe/East Counties Submarket submarket area, and contains zip code 14506.
Mendon Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Mendon, NY submarket area was $1,192, which is 20.89% higher than 2014 average rent. This represents a compounded annual growth rate of 3.87%. 2019 vacancy in Mendon, NY was 4.60%.
The total population of the city of Mendon, NY has grown 0.74% since 2010. As of 2018, the population was 9,220. The median household income of the Mendon was $101,750, which is 68.76% higher than the national average.
- submarket area Southeast Monroe / East Counties Submarket
- avg rent $1,192
- rent growth 20.89%
- vacancy 4.60%
- median income $101,750
- population (2018) 9,220
- population growth 0.74%
- vs. nat'l avg 68.76%
- zip code 14506