Rent, population, and median household income are important factors to consider for a 1031 exchange in Orono due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Orono, Minnesota is a part of the West Submarket submarket area.
Orono Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Orono, 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 Orono, MN was 3.80%.
The total population of the city of Orono, MN has grown 11.17% since 2010. As of 2018, the population was 8,268. The median household income of the Orono was $146,731, which is 143.36% higher than the national average.
- submarket area West Submarket
- avg rent $1,424
- rent growth 23.40%
- vacancy 3.80%
- median income $146,731
- population (2018) 8,268
- population growth 11.17%
- vs. nat'l avg 143.36%
