Rent, population, and median household income are important factors to consider for a 1031 exchange in Palo Alto due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Palo Alto, California is a part of the Mountain View/Los Altos submarket area, and contains 6 zip codes: 94303, 94309, 94301, 94304, 94306, and 94302.
Palo Alto Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Palo Alto, CA submarket area was $3,403, which is 30.08% higher than 2014 average rent. This represents a compounded annual growth rate of 5.40%. 2019 vacancy in Palo Alto, CA was 4.30%.
The total population of the city of Palo Alto, CA has grown 3.51% since 2010. As of 2018, the population was 66,666. The median household income of the Palo Alto was $157,120, which is 160.59% higher than the national average.
- submarket area Mountain View / Los Altos
- avg rent $3,403
- rent growth 30.08%
- vacancy 4.30%
- median income $157,120
- population (2018) 66,666
- population growth 3.51%
- vs. nat'l avg 160.59%
- zip codes 94301 94302 94303 94304 94306 94309