Rent, population, and median household income are important factors to consider for a 1031 exchange in Richmond due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Richmond, California is a part of the West Contra Costa Submarket submarket area, and contains 7 zip codes, including: 94807, 94808, 94805, 94801, 94802, and 94804.
Richmond Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Richmond, CA submarket area was $2,228, which is 28.86% higher than 2014 average rent. This represents a compounded annual growth rate of 5.20%. 2019 vacancy in Richmond, CA was 2.70%.
The total population of the city of Richmond, CA has grown 6.21% since 2010. As of 2018, the population was 110,146. The median household income of the Richmond was $64,575, which is 7.10% higher than the national average.
- submarket area West Contra Costa Submarket
- avg rent $2,228
- rent growth 28.86%
- vacancy 2.70%
- median income $64,575
- population (2018) 110,146
- population growth 6.21%
- vs. nat'l avg 7.10%
- zip codes 94801 94802 94804 94805 94807 94808 94850