Rent, population, and median household income are important factors to consider for a 1031 exchange in Peoria due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Peoria, Arizona is a part of the Peoria/Sun City/Surprise Submarket submarket area, and contains 6 zip codes: 85381, 85383, 85385, 85345, 85380, and 85382.
Peoria Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Peoria, AZ submarket area was $1,085, which is 25.72% higher than 2014 average rent. This represents a compounded annual growth rate of 4.68%. 2019 vacancy in Peoria, AZ was 4.60%.
The total population of the city of Peoria, AZ has grown 11.81% since 2010. As of 2018, the population was 172,259. The median household income of the Peoria was $73,039, which is 21.14% higher than the national average.
- submarket area Peoria / Sun City / Surprise Submarket
- avg rent $1,085
- rent growth 25.72%
- vacancy 4.60%
- median income $73,039
- population (2018) 172,259
- population growth 11.81%
- vs. nat'l avg 21.14%
- zip codes 85345 85380 85381 85382 85383 85385