Rent, population, and median household income are important factors to consider for a 1031 exchange in Riverview due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Riverview, Michigan is a part of the Downriver/South Wayne Submarket submarket area, and contains zip code 48193.
Riverview Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Riverview, MI submarket area was $906, which is 16.60% lower than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Riverview, MI was 2.30%.
The total population of the city of Riverview, MI has decreased 3.30% since 2010. As of 2018, the population was 12,074. The median household income of the Riverview was $57,442, which is 4.73% lower than the national average.
- submarket area Downriver / South Wayne Submarket
- avg rent $906
- rent growth 16.60%
- vacancy 2.30%
- median income $57,442
- population (2018) 12,074
- population growth -3.30%
- vs. nat'l avg 4.73%
- zip code 48193