Rent, population, and median household income are important factors to consider for a 1031 exchange in Canton due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Canton, Michigan is a part of the Westland Submarket submarket area, and contains zip codes 48187 and 48188.
Canton Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Canton, MI submarket area was $948, which is 16.61% higher than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Canton, MI was 3.50%.
The total population of the city of Canton, MI has grown 3.16% since 2010. As of 2018, the population was 93,018. The median household income of the Canton was $89,991, which is 49.26% higher than the national average.
- submarket area Westland Submarket
- avg rent $948
- rent growth 16.61%
- vacancy 3.50%
- median income $89,991
- population (2018) 93,018
- population growth 3.16%
- vs. nat'l avg 49.26%
- zip codes 48187 48188