Rent, population, and median household income are important factors to consider for a 1031 exchange in Onondaga due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Onondaga, New York is a part of the Outer Onondaga/South Submarket submarket area.
Onondaga Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Onondaga, 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 Onondaga, NY was 3.90%.
The total population of the city of Onondaga, NY has decreased 2.37% since 2010. As of 2018, the population was 22,554. The median household income of the Onondaga was $79,363, which is 31.63% higher than the national average.
- submarket area Outer Onondaga / South Submarket
- avg rent $924
- rent growth 25.20%
- vacancy 3.90%
- median income $79,363
- population (2018) 22,554
- population growth -2.37%
- vs. nat'l avg 31.63%