Rent, population, and median household income are important factors to consider for a 1031 exchange in North Providence due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Providence, Rhode Island is a part of the Providence Submarket submarket area, and contains zip code 2911.
North Providence Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Providence, RI submarket area was $1,667, which is 11.06% lower than 2014 average rent. This represents a compounded annual growth rate of 2.12%. 2019 vacancy in North Providence, RI was 4.20%.
The total population of the city of North Providence, RI has grown 1.50% since 2010. As of 2018, the population was 32,559. The median household income of the North Providence was $53,863, which is 10.66% lower than the national average.
- submarket area Providence Submarket
- avg rent $1,667
- rent growth 11.06%
- vacancy 4.20%
- median income $53,863
- population (2018) 32,559
- population growth 1.50%
- vs. nat'l avg 10.66%
- zip code 2911