Rent, population, and median household income are important factors to consider for a 1031 exchange in Novato due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Novato, California is a part of the North Marin Submarket submarket area, and contains 5 zip codes: 94947, 94998, 94945, 94949, and 94948.
Novato Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Novato, CA submarket area was $2,401, which is 18.39% higher than 2014 average rent. This represents a compounded annual growth rate of 3.43%. 2019 vacancy in Novato, CA was 2.50%.
The total population of the city of Novato, CA has grown 7.23% since 2010. As of 2018, the population was 55,655. The median household income of the Novato was $96,743, which is 60.45% higher than the national average.
- submarket area North Marin Submarket
- avg rent $2,401
- rent growth 18.39%
- vacancy 2.50%
- median income $96,743
- population (2018) 55,655
- population growth 7.23%
- vs. nat'l avg 60.45%
- zip codes 94945 94947 94948 94949 94998