1031 Exchange Richmond, Virginia

 

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

Surrounding metropolitan Area

Richmond, Virginia is a part of the Richmond, VA metropolitan area, and contains 39 zip codes, including: 23237, 23223, 23278, 23276, 23261, and 23249.

Richmond Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Richmond, VA metropolitan area was $1,002, which is 21.31% lower than 2014 average rent. This represents a compounded annual growth rate of 3.94%. 2019 vacancy in Richmond, VA was 4.10%.

The total population of the city of Richmond, VA has grown 12.03% since 2010. As of 2018, the population was 228,783. The median household income of the Richmond was $45,117, which is 25.17% lower than the national average.

  • metropolitan area Richmond, VA
  • avg rent $1,002
  • rent growth 21.31%
  • vacancy 4.10%
  • median income $45,117
  • population (2018) 228,783
  • population growth 12.03%
  • vs. nat'l avg 25.17%
  • zip codes 23173 23218 23219 23220 23221 23222 23223 23224 23225 23226 23227 23230 23232 23234 23235 23236 23237 23241 23249 23250 23260 23261 23269 23274 23276 23278 23279 23282 23284 23285 23286 23289 23290 23291 23292 23293 23295 23297 23298

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