Rent, population, and median household income are important factors to consider for a 1031 exchange in Berkley due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Berkley, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains zip code 48072.
Berkley Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Berkley, MI submarket area was $903, which is 17.89% higher than 2014 average rent. This represents a compounded annual growth rate of 3.35%. 2019 vacancy in Berkley, MI was 2.40%.
The total population of the city of Berkley, MI has grown 3.04% since 2010. As of 2018, the population was 15,425. The median household income of the Berkley was $82,095, which is 36.16% higher than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $82,095
- population (2018) 15,425
- population growth 3.04%
- vs. nat'l avg 36.16%
- zip code 48072