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1031 Exchange West Warwick, Rhode Island

 

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

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