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%