Rent, population, and median household income are important factors to consider for a 1031 exchange in Brooklyn Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Brooklyn Park, Minnesota is a part of the Northwest/Anoka County Submarket submarket area.
Brooklyn Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Brooklyn Park, 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 Brooklyn Park, MN was 4.40%.
The total population of the city of Brooklyn Park, MN has grown 6.37% since 2010. As of 2018, the population was 80,610. The median household income of the Brooklyn Park was $70,448, which is 16.84% higher than the national average.
- submarket area Northwest / Anoka County Submarket
- avg rent $1,132
- rent growth 22.78%
- vacancy 4.40%
- median income $70,448
- population (2018) 80,610
- population growth 6.37%
- vs. nat'l avg 16.84%