Rent, population, and median household income are important factors to consider for a 1031 exchange in Woonsocket due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Woonsocket, Rhode Island is a part of the Northern Rhode Island Submarket submarket area, and contains zip code 2895.
Woonsocket Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Woonsocket, RI submarket area was $1,298, which is 11.61% lower than 2014 average rent. This represents a compounded annual growth rate of 2.22%. 2019 vacancy in Woonsocket, RI was 4.40%.
The total population of the city of Woonsocket, RI has grown 1.01% since 2010. As of 2018, the population was 41,603. The median household income of the Woonsocket was $39,932, which is 33.77% lower than the national average.
- submarket area Northern Rhode Island Submarket
- avg rent $1,298
- rent growth 11.61%
- vacancy 4.40%
- median income $39,932
- population (2018) 41,603
- population growth 1.01%
- vs. nat'l avg 33.77%
- zip code 2895