Rent, population, and median household income are important factors to consider for a 1031 exchange in Cranston due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Cranston, Rhode Island is a part of the Providence Submarket submarket area, and contains 3 zip codes: 02910, 02921, and 02920.
Cranston Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Cranston, RI submarket area was $1,667, which is 11.06% higher than 2014 average rent. This represents a compounded annual growth rate of 2.12%. 2019 vacancy in Cranston, RI was 4.20%.
The total population of the city of Cranston, RI has grown 1.10% since 2010. As of 2018, the population was 81,274. The median household income of the Cranston was $66,283, which is 9.93% higher than the national average.
- submarket area Providence Submarket
- avg rent $1,667
- rent growth 11.06%
- vacancy 4.20%
- median income $66,283
- population (2018) 81,274
- population growth 1.10%
- vs. nat'l avg 9.93%
- zip codes 02910 02920 02921