1031 Exchange Palmetto Bay, Florida

 

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%

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