Rent, population, and median household income are important factors to consider for a 1031 exchange in Smithtown due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Smithtown, New York is a part of the West Suffolk Submarket submarket area, and contains zip code 11787.
Smithtown Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Smithtown, NY submarket area was $1,891, which is 16.94% higher than 2014 average rent. This represents a compounded annual growth rate of 3.18%. 2019 vacancy in Smithtown, NY was 2.10%.
The total population of the city of Smithtown, NY has decreased 1.20% since 2010. As of 2018, the population was 116,384. The median household income of the Smithtown was $123,217, which is 104.36% higher than the national average.
- submarket area West Suffolk Submarket
- avg rent $1,891
- rent growth 16.94%
- vacancy 2.10%
- median income $123,217
- population (2018) 116,384
- population growth -1.20%
- vs. nat'l avg 104.36%
- zip code 11787