Rent, population, and median household income are important factors to consider for a 1031 exchange in Lake Mary due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lake Mary, Florida is a part of the Far North Submarket submarket area, and contains zip codes 32746 and 32795.
Lake Mary Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lake Mary, FL submarket area was $1,365, which is 33.30% higher than 2014 average rent. This represents a compounded annual growth rate of 5.92%. 2019 vacancy in Lake Mary, FL was 5.00%.
The total population of the city of Lake Mary, FL has grown 25.04% since 2010. As of 2018, the population was 17,283. The median household income of the Lake Mary was $89,908, which is 49.12% higher than the national average.
- submarket area Far North Submarket
- avg rent $1,365
- rent growth 33.30%
- vacancy 5.00%
- median income $89,908
- population (2018) 17,283
- population growth 25.04%
- vs. nat'l avg 49.12%
- zip codes 32746 32795