Rent, population, and median household income are important factors to consider for a 1031 exchange in Novi due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Novi, Michigan is a part of the Novi/Livonia Submarket submarket area, and contains 4 zip codes: 48375, 48377, 48376, and 48374.
Novi Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Novi, MI submarket area was $1,066, which is 12.92% higher than 2014 average rent. This represents a compounded annual growth rate of 2.46%. 2019 vacancy in Novi, MI was 3.30%.
The total population of the city of Novi, MI has grown 10.37% since 2010. As of 2018, the population was 60,951. The median household income of the Novi was $92,410, which is 53.27% higher than the national average.
- submarket area Novi / Livonia Submarket
- avg rent $1,066
- rent growth 12.92%
- vacancy 3.30%
- median income $92,410
- population (2018) 60,951
- population growth 10.37%
- vs. nat'l avg 53.27%
- zip codes 48374 48375 48376 48377