Rent, population, and median household income are important factors to consider for a 1031 exchange in Penfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Penfield, New York is a part of the Irondequoit/Webster Submarket submarket area, and contains zip code 14526.
Penfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Penfield, NY submarket area was $984, which is 18.70% higher than 2014 average rent. This represents a compounded annual growth rate of 3.49%. 2019 vacancy in Penfield, NY was 5.00%.
The total population of the city of Penfield, NY has grown 2.87% since 2010. As of 2018, the population was 37,281. The median household income of the Penfield was $81,310, which is 34.86% higher than the national average.
- submarket area Irondequoit / Webster Submarket
- avg rent $984
- rent growth 18.70%
- vacancy 5.00%
- median income $81,310
- population (2018) 37,281
- population growth 2.87%
- vs. nat'l avg 34.86%
- zip code 14526