Rent, population, and median household income are important factors to consider for a 1031 exchange in Bay Harbor Islands due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bay Harbor Islands, Florida is a part of the North Miami Beach Submarket submarket area.
Bay Harbor Islands Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bay Harbor Islands, FL submarket area was $1,920, which is 15.80% higher than 2014 average rent. This represents a compounded annual growth rate of 2.98%. 2019 vacancy in Bay Harbor Islands, FL was 3.20%.
The total population of the city of Bay Harbor Islands, FL has grown 5.97% since 2010. As of 2018, the population was 5,964. The median household income of the Bay Harbor Islands was $73,639, which is 22.14% higher than the national average.
- submarket area North Miami Beach Submarket
- avg rent $1,920
- rent growth 15.80%
- vacancy 3.20%
- median income $73,639
- population (2018) 5,964
- population growth 5.97%
- vs. nat'l avg 22.14%