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1031 Exchange Cumberland, Rhode Island

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Cumberland due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Cumberland, Rhode Island is a part of the Providence Submarket submarket area, and contains zip code 2864.

Cumberland Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Cumberland, 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 Cumberland, RI was 4.20%.

The total population of the city of Cumberland, RI has grown 4.39% since 2010. As of 2018, the population was 34,977. The median household income of the Cumberland was $86,326, which is 43.18% higher than the national average.

  • submarket area Providence Submarket
  • avg rent $1,667
  • rent growth 11.06%
  • vacancy 4.20%
  • median income $86,326
  • population (2018) 34,977
  • population growth 4.39%
  • vs. nat'l avg 43.18%
  • zip code 2864

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