Rent, population, and median household income are important factors to consider for a 1031 exchange in Addison due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Addison, Illinois is a part of the Glendale Heights/Lombard Submarket submarket area, and contains zip code 60101.
Addison Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Addison, IL submarket area was $1,497, which is 18.90% higher than 2014 average rent. This represents a compounded annual growth rate of 3.52%. 2019 vacancy in Addison, IL was 4.10%.
The total population of the city of Addison, IL has decreased 0.59% since 2010. As of 2018, the population was 36,724. The median household income of the Addison was $64,377, which is 6.77% higher than the national average.
- submarket area Glendale Heights / Lombard Submarket
- avg rent $1,497
- rent growth 18.90%
- vacancy 4.10%
- median income $64,377
- population (2018) 36,724
- population growth -0.59%
- vs. nat'l avg 6.77%
- zip code 60101