Rent, population, and median household income are important factors to consider for a 1031 exchange in Palmetto Bay due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Palmetto Bay, Florida is a part of the Kendall East Submarket submarket area.
Palmetto Bay Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Palmetto Bay, FL submarket area was $1,914, which is 35.46% higher than 2014 average rent. This represents a compounded annual growth rate of 6.26%. 2019 vacancy in Palmetto Bay, FL was 10.10%.
The total population of the city of Palmetto Bay, FL has grown 5.04% since 2010. As of 2018, the population was 24,589. The median household income of the Palmetto Bay was $115,709, which is 91.91% higher than the national average.
- submarket area Kendall East Submarket
- avg rent $1,914
- rent growth 35.46%
- vacancy 10.10%
- median income $115,709
- population (2018) 24,589
- population growth 5.04%
- vs. nat'l avg 91.91%
