Rent, population, and median household income are important factors to consider for a 1031 exchange in Sunny Isles due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Sunny Isles, Florida is a part of the North Miami Beach Submarket submarket area.
Sunny Isles Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Sunny Isles, FL submarket area was $1,920, which is 15.80% lower than 2014 average rent. This represents a compounded annual growth rate of 2.98%. 2019 vacancy in Sunny Isles, FL was 3.20%.
The total population of the city of Sunny Isles, FL has grown 7.02% since 2010. As of 2018, the population was 22,295. The median household income of the Sunny Isles was $55,209, which is 8.43% lower than the national average.
- submarket area North Miami Beach Submarket
- avg rent $1,920
- rent growth 15.80%
- vacancy 3.20%
- median income $55,209
- population (2018) 22,295
- population growth 7.02%
- vs. nat'l avg 8.43%