Rent, population, and median household income are important factors to consider for a 1031 exchange in Upper Merion due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Upper Merion, Pennsylvania is a part of the Upper/Lower Merion Submarket submarket area.
Upper Merion Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Upper 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 Upper Merion, PA was 5.50%.
The total population of the city of Upper Merion, PA has grown 9.37% since 2010. As of 2018, the population was 31,056. The median household income of the Upper Merion was $94,081, which is 56.04% higher than the national average.
- submarket area Upper / Lower Merion Submarket
- avg rent $1,688
- rent growth 35.91%
- vacancy 5.50%
- median income $94,081
- population (2018) 31,056
- population growth 9.37%
- vs. nat'l avg 56.04%