Rent, population, and median household income are important factors to consider for a 1031 exchange in Richmond due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Richmond, Rhode Island is a part of the Southern Rhode Island Submarket submarket area.
Richmond Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Richmond, 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 Richmond, RI was 2.80%.
The total population of the city of Richmond, RI has decreased 0.08% since 2010. As of 2018, the population was 7,702. The median household income of the Richmond was $94,605, which is 56.91% higher than the national average.
- submarket area Southern Rhode Island Submarket
- avg rent $1,273
- rent growth 11.28%
- vacancy 2.80%
- median income $94,605
- population (2018) 7,702
- population growth -0.08%
- vs. nat'l avg 56.91%