Rent, population, and median household income are important factors to consider for a 1031 exchange in Oak Lawn due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oak Lawn, Illinois is a part of the Southwest Cook County Submarket submarket area, and contains zip codes 60453 and 60454.
Oak Lawn Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oak Lawn, IL submarket area was $958, which is 9.11% higher than 2014 average rent. This represents a compounded annual growth rate of 1.76%. 2019 vacancy in Oak Lawn, IL was 2.00%.
The total population of the city of Oak Lawn, IL has decreased 2.08% since 2010. As of 2018, the population was 55,511. The median household income of the Oak Lawn was $62,455, which is 3.59% higher than the national average.
- submarket area Southwest Cook County Submarket
- avg rent $958
- rent growth 9.11%
- vacancy 2.00%
- median income $62,455
- population (2018) 55,511
- population growth -2.08%
- vs. nat'l avg 3.59%
- zip codes 60453 60454