Rent, population, and median household income are important factors to consider for a 1031 exchange in Bloomington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bloomington, Minnesota is a part of the Southwest Submarket submarket area.
Bloomington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bloomington, MN submarket area was $1,310, which is 19.96% higher than 2014 average rent. This represents a compounded annual growth rate of 3.71%. 2019 vacancy in Bloomington, MN was 3.10%.
The total population of the city of Bloomington, MN has grown 3.24% since 2010. As of 2018, the population was 85,578. The median household income of the Bloomington was $72,081, which is 19.55% higher than the national average.
- submarket area Southwest Submarket
- avg rent $1,310
- rent growth 19.96%
- vacancy 3.10%
- median income $72,081
- population (2018) 85,578
- population growth 3.24%
- vs. nat'l avg 19.55%