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%