Rent, population, and median household income are important factors to consider for a 1031 exchange in Romeoville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Romeoville, Illinois is a part of the Joliet Submarket submarket area, and contains zip code 60446.
Romeoville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Romeoville, IL submarket area was $1,122, which is 23.57% higher than 2014 average rent. This represents a compounded annual growth rate of 4.32%. 2019 vacancy in Romeoville, IL was 6.80%.
The total population of the city of Romeoville, IL has decreased 0.14% since 2010. As of 2018, the population was 39,624. The median household income of the Romeoville was $77,053, which is 27.80% higher than the national average.
- submarket area Joliet Submarket
- avg rent $1,122
- rent growth 23.57%
- vacancy 6.80%
- median income $77,053
- population (2018) 39,624
- population growth -0.14%
- vs. nat'l avg 27.80%
- zip code 60446