Rent, population, and median household income are important factors to consider for a 1031 exchange in West Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Park, Florida is a part of the West Hollywood Submarket submarket area.
West Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Park, FL submarket area was $1,306, which is 22.63% lower than 2014 average rent. This represents a compounded annual growth rate of 4.16%. 2019 vacancy in West Park, FL was 1.40%.
The total population of the city of West Park, FL has grown 6.76% since 2010. As of 2018, the population was 15,113. The median household income of the West Park was $42,500, which is 29.51% lower than the national average.
- submarket area West Hollywood Submarket
- avg rent $1,306
- rent growth 22.63%
- vacancy 1.40%
- median income $42,500
- population (2018) 15,113
- population growth 6.76%
- vs. nat'l avg 29.51%