Rent, population, and median household income are important factors to consider for a 1031 exchange in Park Ridge due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Park Ridge, Illinois is a part of the Glenview/Evanston Submarket submarket area, and contains zip code 60068.
Park Ridge Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Park Ridge, IL submarket area was $1,560, which is 31.87% higher than 2014 average rent. This represents a compounded annual growth rate of 5.69%. 2019 vacancy in Park Ridge, IL was 6.30%.
The total population of the city of Park Ridge, IL has decreased 0.64% since 2010. As of 2018, the population was 37,240. The median household income of the Park Ridge was $102,416, which is 69.86% higher than the national average.
- submarket area Glenview / Evanston Submarket
- avg rent $1,560
- rent growth 31.87%
- vacancy 6.30%
- median income $102,416
- population (2018) 37,240
- population growth -0.64%
- vs. nat'l avg 69.86%
- zip code 60068