1031 Exchange Richmond, Rhode Island

 

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%

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