Rent, population, and median household income are important factors to consider for a 1031 exchange in Grosse Pointe Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Grosse Pointe Park, Michigan is a part of the Downtown Submarket submarket area.
Grosse Pointe Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Grosse Pointe Park, 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 Park, MI was 4.40%.
The total population of the city of Grosse Pointe Park, MI has decreased 3.99% since 2010. As of 2018, the population was 11,094. The median household income of the Grosse Pointe Park was $112,384, which is 86.40% higher than the national average.
- submarket area Downtown Submarket
- avg rent $1,268
- rent growth 26.29%
- vacancy 4.40%
- median income $112,384
- population (2018) 11,094
- population growth -3.99%
- vs. nat'l avg 86.40%
