Rent, population, and median household income are important factors to consider for a 1031 exchange in Elk Grove due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Elk Grove, Illinois is a part of the O'Hare Submarket submarket area.
Elk Grove Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Elk Grove, IL submarket area was $1,210, which is 18.86% higher than 2014 average rent. This represents a compounded annual growth rate of 3.52%. 2019 vacancy in Elk Grove, IL was 9.40%.
The total population of the city of Elk Grove, IL has decreased 2.02% since 2010. As of 2018, the population was 32,458. The median household income of the Elk Grove was $79,680, which is 32.15% higher than the national average.
- submarket area O'Hare Submarket
- avg rent $1,210
- rent growth 18.86%
- vacancy 9.40%
- median income $79,680
- population (2018) 32,458
- population growth -2.02%
- vs. nat'l avg 32.15%