Rent, population, and median household income are important factors to consider for a 1031 exchange in West Norriton due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Norriton, Pennsylvania is a part of the Norristown/Plymouth/Norriton Submarket submarket area.
West Norriton Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Norriton, PA submarket area was $1,498, which is 21.10% higher than 2014 average rent. This represents a compounded annual growth rate of 3.90%. 2019 vacancy in West Norriton, PA was 4.70%.
The total population of the city of West Norriton, PA has decreased 0.08% since 2010. As of 2018, the population was 15,651. The median household income of the West Norriton was $74,730, which is 23.94% higher than the national average.
- submarket area Norristown / Plymouth / Norriton Submarket
- avg rent $1,498
- rent growth 21.10%
- vacancy 4.70%
- median income $74,730
- population (2018) 15,651
- population growth -0.08%
- vs. nat'l avg 23.94%
