Rent, population, and median household income are important factors to consider for a 1031 exchange in Penn Hills due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Penn Hills, Pennsylvania is a part of the Wilkinsburg/Penn Hills Submarket submarket area.
Penn Hills Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Penn Hills, PA submarket area was $894, which is 17.63% lower than 2014 average rent. This represents a compounded annual growth rate of 3.30%. 2019 vacancy in Penn Hills, PA was 4.00%.
The total population of the city of Penn Hills, PA has decreased 3.20% since 2010. As of 2018, the population was 40,974. The median household income of the Penn Hills was $54,386, which is 9.80% lower than the national average.
- submarket area Wilkinsburg / Penn Hills Submarket
- avg rent $894
- rent growth 17.63%
- vacancy 4.00%
- median income $54,386
- population (2018) 40,974
- population growth -3.20%
- vs. nat'l avg 9.80%
