Rent, population, and median household income are important factors to consider for a 1031 exchange in University Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
University Park, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip code 60484.
University Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the University Park, IL submarket area was $936, which is 8.33% lower than 2014 average rent. This represents a compounded annual growth rate of 1.61%. 2019 vacancy in University Park, IL was 2.90%.
The total population of the city of University Park, IL has decreased 2.40% since 2010. As of 2018, the population was 6,958. The median household income of the University Park was $53,929, which is 10.56% lower than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $53,929
- population (2018) 6,958
- population growth -2.40%
- vs. nat'l avg 10.56%
- zip code 60484
