Rent, population, and median household income are important factors to consider for a 1031 exchange in Opa-locka due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Opa-locka, Florida is a part of the Opa-lacka/Brownsville Submarket submarket area.
Opa-locka Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Opa-locka, FL submarket area was $981, which is 43.84% lower than 2014 average rent. This represents a compounded annual growth rate of 7.54%. 2019 vacancy in Opa-locka, FL was 2.90%.
The total population of the city of Opa-locka, FL has grown 7.47% since 2010. As of 2018, the population was 16,356. The median household income of the Opa-locka was $17,908, which is 70.30% lower than the national average.
- submarket area Opa-lacka / Brownsville Submarket
- avg rent $981
- rent growth 43.84%
- vacancy 2.90%
- median income $17,908
- population (2018) 16,356
- population growth 7.47%
- vs. nat'l avg 70.30%