1031 Exchange Parma, Ohio

 

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

Surrounding submarket Area

Parma, Ohio is a part of the Parma/Independence Submarket submarket area.

Parma Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Parma, OH submarket area was $880, which is 15.64% lower than 2014 average rent. This represents a compounded annual growth rate of 2.95%. 2019 vacancy in Parma, OH was 2.50%.

The total population of the city of Parma, OH has decreased 3.49% since 2010. As of 2018, the population was 78,751. The median household income of the Parma was $55,536, which is 7.89% lower than the national average.

  • submarket area Parma / Independence Submarket
  • avg rent $880
  • rent growth 15.64%
  • vacancy 2.50%
  • median income $55,536
  • population (2018) 78,751
  • population growth -3.49%
  • vs. nat'l avg 7.89%

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