Rent, population, and median household income are important factors to consider for a 1031 exchange in Miami Shores due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Miami Shores, Florida is a part of the North Miami/Bayshore Submarket submarket area.
Miami Shores Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Miami Shores, FL submarket area was $1,249, which is 29.03% higher than 2014 average rent. This represents a compounded annual growth rate of 5.23%. 2019 vacancy in Miami Shores, FL was 5.10%.
The total population of the city of Miami Shores, FL has grown 0.66% since 2010. As of 2018, the population was 10,562. The median household income of the Miami Shores was $110,536, which is 83.33% higher than the national average.
- submarket area North Miami / Bayshore Submarket
- avg rent $1,249
- rent growth 29.03%
- vacancy 5.10%
- median income $110,536
- population (2018) 10,562
- population growth 0.66%
- vs. nat'l avg 83.33%