Rent, population, and median household income are important factors to consider for a 1031 exchange in Lower Merion due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lower Merion, Pennsylvania is a part of the Upper/Lower Merion Submarket submarket area.
Lower Merion Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lower Merion, PA submarket area was $1,688, which is 35.91% higher than 2014 average rent. This represents a compounded annual growth rate of 6.33%. 2019 vacancy in Lower Merion, PA was 5.50%.
The total population of the city of Lower Merion, PA has grown 3.03% since 2010. As of 2018, the population was 59,578. The median household income of the Lower Merion was $131,556, which is 118.19% higher than the national average.
- submarket area Upper / Lower Merion Submarket
- avg rent $1,688
- rent growth 35.91%
- vacancy 5.50%
- median income $131,556
- population (2018) 59,578
- population growth 3.03%
- vs. nat'l avg 118.19%
