Rent, population, and median household income are important factors to consider for a 1031 exchange in Lakeville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lakeville, Minnesota is a part of the Dakota County Submarket submarket area, and contains zip code 55044.
Lakeville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lakeville, MN submarket area was $1,280, which is 25.74% higher than 2014 average rent. This represents a compounded annual growth rate of 4.69%. 2019 vacancy in Lakeville, MN was 3.50%.
The total population of the city of Lakeville, MN has grown 17.73% since 2010. As of 2018, the population was 65,877. The median household income of the Lakeville was $106,069, which is 75.92% higher than the national average.
- submarket area Dakota County Submarket
- avg rent $1,280
- rent growth 25.74%
- vacancy 3.50%
- median income $106,069
- population (2018) 65,877
- population growth 17.73%
- vs. nat'l avg 75.92%
- zip code 55044
