Rent, population, and median household income are important factors to consider for a 1031 exchange in North Miami due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Miami, Florida is a part of the North Miami/Bayshore Submarket submarket area.
North Miami Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Miami, FL submarket area was $1,249, which is 29.03% lower than 2014 average rent. This represents a compounded annual growth rate of 5.23%. 2019 vacancy in North Miami, FL was 5.10%.
The total population of the city of North Miami, FL has grown 10.51% since 2010. As of 2018, the population was 45,887. The median household income of the North Miami was $40,952, which is 32.08% lower than the national average.
- submarket area North Miami / Bayshore Submarket
- avg rent $1,249
- rent growth 29.03%
- vacancy 5.10%
- median income $40,952
- population (2018) 45,887
- population growth 10.51%
- vs. nat'l avg 32.08%