Rent, population, and median household income are important factors to consider for a 1031 exchange in West Chester due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Chester, Pennsylvania is a part of the Central Chester Submarket submarket area, and contains 4 zip codes: 19382, 19380, 19383, and 19381.
West Chester Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Chester, PA submarket area was $1,612, which is 18.10% lower than 2014 average rent. This represents a compounded annual growth rate of 3.38%. 2019 vacancy in West Chester, PA was 5.20%.
The total population of the city of West Chester, PA has grown 8.60% since 2010. As of 2018, the population was 20,048. The median household income of the West Chester was $58,500, which is 2.97% lower than the national average.
- submarket area Central Chester Submarket
- avg rent $1,612
- rent growth 18.10%
- vacancy 5.20%
- median income $58,500
- population (2018) 20,048
- population growth 8.60%
- vs. nat'l avg 2.97%
- zip codes 19380 19381 19382 19383