Rent, population, and median household income are important factors to consider for a 1031 exchange in Beach Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Beach Park, Illinois is a part of the East Lake County Submarket submarket area.
Beach Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Beach Park, IL submarket area was $1,273, which is 22.29% higher than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in Beach Park, IL was 5.00%.
The total population of the city of Beach Park, IL has grown 1.68% since 2010. As of 2018, the population was 13,867. The median household income of the Beach Park was $74,492, which is 23.55% higher than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $74,492
- population (2018) 13,867
- population growth 1.68%
- vs. nat'l avg 23.55%
