Rent, population, and median household income are important factors to consider for a 1031 exchange in Covina due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Covina, California is a part of the Azusa/Covina/Glendora Submarket submarket area, and contains 3 zip codes: 91722, 91724, and 91723.
Covina Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Covina, CA submarket area was $1,492, which is 22.90% higher than 2014 average rent. This represents a compounded annual growth rate of 4.21%. 2019 vacancy in Covina, CA was 3.00%.
The total population of the city of Covina, CA has grown 0.35% since 2010. As of 2018, the population was 47,963. The median household income of the Covina was $69,449, which is 15.19% higher than the national average.
- submarket area Azusa / Covina / Glendora Submarket
- avg rent $1,492
- rent growth 22.90%
- vacancy 3.00%
- median income $69,449
- population (2018) 47,963
- population growth 0.35%
- vs. nat'l avg 15.19%
- zip codes 91722 91723 91724