1031 Exchange Narraganset, Rhode Island

 

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

Surrounding submarket Area

Narraganset, Rhode Island is a part of the Southern Rhode Island Submarket submarket area.

Narraganset Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Narraganset, RI submarket area was $1,273, which is 11.28% higher than 2014 average rent. This represents a compounded annual growth rate of 2.16%. 2019 vacancy in Narraganset, RI was 2.80%.

The total population of the city of Narraganset, RI has decreased 2.55% since 2010. As of 2018, the population was 15,464. The median household income of the Narraganset was $80,278, which is 33.15% higher than the national average.

  • submarket area Southern Rhode Island Submarket
  • avg rent $1,273
  • rent growth 11.28%
  • vacancy 2.80%
  • median income $80,278
  • population (2018) 15,464
  • population growth -2.55%
  • vs. nat'l avg 33.15%

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