Rent, population, and median household income are important factors to consider for a 1031 exchange in Franklin due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Franklin, Pennsylvania is a part of the Gloucester County Submarket submarket area, and contains zip code 16323.
Franklin Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Franklin, PA submarket area was $1,114, which is 8.68% lower than 2014 average rent. This represents a compounded annual growth rate of 1.68%. 2019 vacancy in Franklin, PA was 2.70%.
The total population of the city of Franklin, PA has decreased 7.14% since 2010. As of 2018, the population was 6,078. The median household income of the Franklin was $38,965, which is 35.37% lower than the national average.
- submarket area Gloucester County Submarket
- avg rent $1,114
- rent growth 8.68%
- vacancy 2.70%
- median income $38,965
- population (2018) 6,078
- population growth -7.14%
- vs. nat'l avg 35.37%
- zip code 16323
