Rent, population, and median household income are important factors to consider for a 1031 exchange in Royal Oak due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Royal Oak, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains 3 zip codes: 48067, 48068, and 48073.
Royal Oak Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Royal Oak, MI submarket area was $903, which is 17.89% higher than 2014 average rent. This represents a compounded annual growth rate of 3.35%. 2019 vacancy in Royal Oak, MI was 2.40%.
The total population of the city of Royal Oak, MI has grown 3.89% since 2010. As of 2018, the population was 59,461. The median household income of the Royal Oak was $78,741, which is 30.60% higher than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $78,741
- population (2018) 59,461
- population growth 3.89%
- vs. nat'l avg 30.60%
- zip codes 48067 48068 48073