1031 Exchange Grosse Pointe Farms, Michigan

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Grosse Pointe Farms due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Grosse Pointe Farms, Michigan is a part of the Downtown Submarket submarket area.

Grosse Pointe Farms Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Grosse Pointe Farms, MI submarket area was $1,268, which is 26.29% higher than 2014 average rent. This represents a compounded annual growth rate of 4.78%. 2019 vacancy in Grosse Pointe Farms, MI was 4.40%.

The total population of the city of Grosse Pointe Farms, MI has decreased 3.51% since 2010. As of 2018, the population was 9,146. The median household income of the Grosse Pointe Farms was $132,853, which is 120.35% higher than the national average.

  • submarket area Downtown Submarket
  • avg rent $1,268
  • rent growth 26.29%
  • vacancy 4.40%
  • median income $132,853
  • population (2018) 9,146
  • population growth -3.51%
  • vs. nat'l avg 120.35%

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