Rent, population, and median household income are important factors to consider for a 1031 exchange in Warwick due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Warwick, Rhode Island is a part of the Southern Rhode Island Submarket submarket area, and contains 4 zip codes: 02889, 02886, 02887, and 02888.
Warwick Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Warwick, 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 Warwick, RI was 2.80%.
The total population of the city of Warwick, RI has decreased 2.21% since 2010. As of 2018, the population was 80,847. The median household income of the Warwick was $70,490, which is 16.91% higher than the national average.
- submarket area Southern Rhode Island Submarket
- avg rent $1,273
- rent growth 11.28%
- vacancy 2.80%
- median income $70,490
- population (2018) 80,847
- population growth -2.21%
- vs. nat'l avg 16.91%
- zip codes 02886 02887 02888 02889