Rent, population, and median household income are important factors to consider for a 1031 exchange in Troy due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Troy, Michigan is a part of the Troy Submarket submarket area, and contains 6 zip codes: 48098, 48084, 48083, 48099, 48007, and 48085.
Troy Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Troy, MI submarket area was $1,293, which is 13.72% higher than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Troy, MI was 2.00%.
The total population of the city of Troy, MI has grown 4.07% since 2010. As of 2018, the population was 84,272. The median household income of the Troy was $97,048, which is 60.96% higher than the national average.
- submarket area Troy Submarket
- avg rent $1,293
- rent growth 13.72%
- vacancy 2.00%
- median income $97,048
- population (2018) 84,272
- population growth 4.07%
- vs. nat'l avg 60.96%
- zip codes 48007 48083 48084 48085 48098 48099
