Rent, population, and median household income are important factors to consider for a 1031 exchange in West Warwick due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Warwick, Rhode Island is a part of the Southern Rhode Island Submarket submarket area, and contains zip code 2893.
West Warwick Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Warwick, RI submarket area was $1,273, which is 11.28% lower than 2014 average rent. This represents a compounded annual growth rate of 2.16%. 2019 vacancy in West Warwick, RI was 2.80%.
The total population of the city of West Warwick, RI has decreased 1.09% since 2010. As of 2018, the population was 28,874. The median household income of the West Warwick was $53,741, which is 10.87% lower than the national average.
- submarket area Southern Rhode Island Submarket
- avg rent $1,273
- rent growth 11.28%
- vacancy 2.80%
- median income $53,741
- population (2018) 28,874
- population growth -1.09%
- vs. nat'l avg 10.87%
- zip code 2893
