Rent, population, and median household income are important factors to consider for a 1031 exchange in Pelham due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Pelham, New York is a part of the Southern Westchester Submarket submarket area.
Pelham Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Pelham, NY submarket area was $2,155, which is 19.13% higher than 2014 average rent. This represents a compounded annual growth rate of 3.56%. 2019 vacancy in Pelham, NY was 4.50%.
The total population of the city of Pelham, NY has grown 0.60% since 2010. As of 2018, the population was 12,470. The median household income of the Pelham was $152,932, which is 153.65% higher than the national average.
- submarket area Southern Westchester Submarket
- avg rent $2,155
- rent growth 19.13%
- vacancy 4.50%
- median income $152,932
- population (2018) 12,470
- population growth 0.60%
- vs. nat'l avg 153.65%