Rent, population, and median household income are important factors to consider for a 1031 exchange in Westland due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Westland, Michigan is a part of the Westland Submarket submarket area, and contains zip codes 48185 and 48186.
Westland Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Westland, MI submarket area was $948, which is 16.61% lower than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Westland, MI was 3.50%.
The total population of the city of Westland, MI has decreased 2.82% since 2010. As of 2018, the population was 81,720. The median household income of the Westland was $47,816, which is 20.69% lower than the national average.
- submarket area Westland Submarket
- avg rent $948
- rent growth 16.61%
- vacancy 3.50%
- median income $47,816
- population (2018) 81,720
- population growth -2.82%
- vs. nat'l avg 20.69%
- zip codes 48185 48186