1031 Exchange Grosse Pointe Park, Michigan

 

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%

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