Rent, population, and median household income are important factors to consider for a 1031 exchange in Andover due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Andover, Minnesota is a part of the Northwest/Anoka County Submarket submarket area, and contains zip code 55304.
Andover Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Andover, MN submarket area was $1,132, which is 22.78% higher than 2014 average rent. This represents a compounded annual growth rate of 4.19%. 2019 vacancy in Andover, MN was 4.40%.
The total population of the city of Andover, MN has grown 8.09% since 2010. As of 2018, the population was 33,072. The median household income of the Andover was $106,337, which is 76.37% higher than the national average.
- submarket area Northwest / Anoka County Submarket
- avg rent $1,132
- rent growth 22.78%
- vacancy 4.40%
- median income $106,337
- population (2018) 33,072
- population growth 8.09%
- vs. nat'l avg 76.37%
- zip code 55304