Rent, population, and median household income are important factors to consider for a 1031 exchange in Minnetonka due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Minnetonka, Minnesota is a part of the West Submarket submarket area, and contains zip code 55345.
Minnetonka Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Minnetonka, MN submarket area was $1,424, which is 23.40% higher than 2014 average rent. This represents a compounded annual growth rate of 4.29%. 2019 vacancy in Minnetonka, MN was 3.80%.
The total population of the city of Minnetonka, MN has grown 8.48% since 2010. As of 2018, the population was 53,953. The median household income of the Minnetonka was $91,374, which is 51.55% higher than the national average.
- submarket area West Submarket
- avg rent $1,424
- rent growth 23.40%
- vacancy 3.80%
- median income $91,374
- population (2018) 53,953
- population growth 8.48%
- vs. nat'l avg 51.55%
- zip code 55345