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1031 Exchange Solvay, New York

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Solvay due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Solvay, New York is a part of the Outer Onondaga/South Submarket submarket area.

Solvay Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Solvay, NY submarket area was $924, which is 25.20% lower than 2014 average rent. This represents a compounded annual growth rate of 4.60%. 2019 vacancy in Solvay, NY was 3.90%.

The total population of the city of Solvay, NY has decreased 4.83% since 2010. As of 2018, the population was 6,266. The median household income of the Solvay was $47,927, which is 20.51% lower than the national average.

  • submarket area Outer Onondaga / South Submarket
  • avg rent $924
  • rent growth 25.20%
  • vacancy 3.90%
  • median income $47,927
  • population (2018) 6,266
  • population growth -4.83%
  • vs. nat'l avg 20.51%

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