Rent, population, and median household income are important factors to consider for a 1031 exchange in Shelbyville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Shelbyville, Indiana is a part of the Hancock/Shelbyville Submarket submarket area, and contains zip code 46176.
Shelbyville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Shelbyville, IN submarket area was $763, which is 15.08% lower than 2014 average rent. This represents a compounded annual growth rate of 2.85%. 2019 vacancy in Shelbyville, IN was 2.50%.
The total population of the city of Shelbyville, IN has grown 0.70% since 2010. As of 2018, the population was 19,326. The median household income of the Shelbyville was $51,373, which is 14.79% lower than the national average.
- submarket area Hancock / Shelbyville Submarket
- avg rent $763
- rent growth 15.08%
- vacancy 2.50%
- median income $51,373
- population (2018) 19,326
- population growth 0.70%
- vs. nat'l avg 14.79%
- zip code 46176