Rent, population, and median household income are important factors to consider for a 1031 exchange in Palm Springs due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Palm Springs, California is a part of the Palm Springs/Palm Desert submarket area, and contains 3 zip codes: 92263, 92264, and 92262.
Palm Springs Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Palm Springs, CA submarket area was $1,165, which is 19.86% lower than 2014 average rent. This represents a compounded annual growth rate of 3.69%. 2019 vacancy in Palm Springs, CA was 2.50%.
The total population of the city of Palm Springs, CA has grown 8.58% since 2010. As of 2018, the population was 48,375. The median household income of the Palm Springs was $50,361, which is 16.47% lower than the national average.
- submarket area Palm Springs / Palm Desert
- avg rent $1,165
- rent growth 19.86%
- vacancy 2.50%
- median income $50,361
- population (2018) 48,375
- population growth 8.58%
- vs. nat'l avg 16.47%
- zip codes 92262 92263 92264