Rent, population, and median household income are important factors to consider for a 1031 exchange in South Miami due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
South Miami, Florida is a part of the Kendall East Submarket submarket area.
South Miami Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the South Miami, 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 South Miami, FL was 10.10%.
The total population of the city of South Miami, FL has grown 4.82% since 2010. As of 2018, the population was 12,219. The median household income of the South Miami was $60,591, which is 0.49% higher than the national average.
- submarket area Kendall East Submarket
- avg rent $1,914
- rent growth 35.46%
- vacancy 10.10%
- median income $60,591
- population (2018) 12,219
- population growth 4.82%
- vs. nat'l avg 0.49%