1031 Exchange Penfield, New York

 

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

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