Rent, population, and median household income are important factors to consider for a 1031 exchange in North Bay Village due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Bay Village, Florida is a part of the North Miami Beach Submarket submarket area.
North Bay Village Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Bay Village, FL submarket area was $1,920, which is 15.80% lower than 2014 average rent. This represents a compounded annual growth rate of 2.98%. 2019 vacancy in North Bay Village, FL was 3.20%.
The total population of the city of North Bay Village, FL has grown 15.92% since 2010. As of 2018, the population was 8,273. The median household income of the North Bay Village was $55,000, which is 8.78% lower than the national average.
- submarket area North Miami Beach Submarket
- avg rent $1,920
- rent growth 15.80%
- vacancy 3.20%
- median income $55,000
- population (2018) 8,273
- population growth 15.92%
- vs. nat'l avg 8.78%