1031 Exchange Westerly, Rhode Island


Rent, population, and median household income are important factors to consider for a 1031 exchange in Westerly due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Westerly, Rhode Island is a part of the Southern Rhode Island Submarket submarket area, and contains zip code 2891.

Westerly Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Westerly, 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 Westerly, RI was 2.80%.

The total population of the city of Westerly, RI has decreased 1.22% since 2010. As of 2018, the population was 22,509. The median household income of the Westerly was $65,810, which is 9.15% higher than the national average.

  • submarket area Southern Rhode Island Submarket
  • avg rent $1,273
  • rent growth 11.28%
  • vacancy 2.80%
  • median income $65,810
  • population (2018) 22,509
  • population growth -1.22%
  • vs. nat'l avg 9.15%
  • zip code 2891

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