Rent, population, and median household income are important factors to consider for a 1031 exchange in Park City due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Park City, Illinois is a part of the East Lake County Submarket submarket area.
Park City Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Park City, IL submarket area was $1,273, which is 22.29% lower than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in Park City, IL was 5.00%.
The total population of the city of Park City, IL has decreased 1.49% since 2010. As of 2018, the population was 7,457. The median household income of the Park City was $41,589, which is 31.02% lower than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $41,589
- population (2018) 7,457
- population growth -1.49%
- vs. nat'l avg 31.02%
