Rent, population, and median household income are important factors to consider for a 1031 exchange in Lake Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lake Park, Florida is a part of the North Palm Beach Submarket submarket area.
Lake Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lake Park, FL submarket area was $1,608, which is 32.13% lower than 2014 average rent. This represents a compounded annual growth rate of 5.73%. 2019 vacancy in Lake Park, FL was 5.40%.
The total population of the city of Lake Park, FL has grown 5.52% since 2010. As of 2018, the population was 8,605. The median household income of the Lake Park was $53,659, which is 11.00% lower than the national average.
- submarket area North Palm Beach Submarket
- avg rent $1,608
- rent growth 32.13%
- vacancy 5.40%
- median income $53,659
- population (2018) 8,605
- population growth 5.52%
- vs. nat'l avg 11.00%
