1031 Exchange Royal Oak, Michigan

 

Surrounding submarket Area

Royal Oak, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains 3 zip codes: 48073, 48068, and 48067.

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

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