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1031 Exchange Berkley, Michigan

 

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

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