Rent, population, and median household income are important factors to consider for a 1031 exchange in Redford due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Redford, Michigan is a part of the Novi/Livonia Submarket submarket area, and contains zip codes 48239 and 48240.
Redford Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Redford, MI submarket area was $1,066, which is 12.92% lower than 2014 average rent. This represents a compounded annual growth rate of 2.46%. 2019 vacancy in Redford, MI was 3.30%.
The total population of the city of Redford, MI has decreased 3.03% since 2010. As of 2018, the population was 46,899. The median household income of the Redford was $56,377, which is 6.49% lower than the national average.
- submarket area Novi / Livonia Submarket
- avg rent $1,066
- rent growth 12.92%
- vacancy 3.30%
- median income $56,377
- population (2018) 46,899
- population growth -3.03%
- vs. nat'l avg 6.49%
- zip codes 48239 48240
