Rent, population, and median household income are important factors to consider for a 1031 exchange in Penn due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Penn, Pennsylvania is a part of the West Chester Submarket submarket area, and contains zip code 15675.
Penn Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Penn, PA submarket area was $1,351, which is 21.38% higher than 2014 average rent. This represents a compounded annual growth rate of 3.95%. 2019 vacancy in Penn, PA was 1.90%.
The total population of the city of Penn, PA has grown 3.09% since 2010. As of 2018, the population was 5,530. The median household income of the Penn was $67,222, which is 11.49% higher than the national average.
- submarket area West Chester Submarket
- avg rent $1,351
- rent growth 21.38%
- vacancy 1.90%
- median income $67,222
- population (2018) 5,530
- population growth 3.09%
- vs. nat'l avg 11.49%
- zip code 15675
