Rent, population, and median household income are important factors to consider for a 1031 exchange in Montevallo due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Montevallo, Alabama is a part of the North Birmingham submarket area, and contains zip code 35115.
Montevallo Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Montevallo, AL submarket area was $1,020, which is 17.65% lower than 2014 average rent. This represents a compounded annual growth rate of 3.30%. 2019 vacancy in Montevallo, AL was 4.90%.
The total population of the city of Montevallo, AL has grown 5.55% since 2010. As of 2018, the population was 6,674. The median household income of the Montevallo was $41,720, which is 30.80% lower than the national average.
- submarket area North Birmingham
- avg rent $1,020
- rent growth 17.65%
- vacancy 4.90%
- median income $41,720
- population (2018) 6,674
- population growth 5.55%
- vs. nat'l avg 30.80%
- zip code 35115