Rent, population, and median household income are important factors to consider for a 1031 exchange in Hoover due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Hoover, Alabama is a part of the North Birmingham submarket area.
Hoover Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Hoover, AL submarket area was $1,020, which is 17.65% higher than 2014 average rent. This represents a compounded annual growth rate of 3.30%. 2019 vacancy in Hoover, AL was 4.90%.
The total population of the city of Hoover, AL has grown 4.27% since 2010. As of 2018, the population was 85,108. The median household income of the Hoover was $84,042, which is 39.39% higher than the national average.
- submarket area North Birmingham
- avg rent $1,020
- rent growth 17.65%
- vacancy 4.90%
- median income $84,042
- population (2018) 85,108
- population growth 4.27%
- vs. nat'l avg 39.39%
