Rent, population, and median household income are important factors to consider for a 1031 exchange in Richfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Richfield, Minnesota is a part of the Southwest Submarket submarket area.
Richfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Richfield, 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 Richfield, MN was 3.10%.
The total population of the city of Richfield, MN has grown 2.16% since 2010. As of 2018, the population was 35,990. The median household income of the Richfield was $63,434, which is 5.21% higher than the national average.
- submarket area Southwest Submarket
- avg rent $1,310
- rent growth 19.96%
- vacancy 3.10%
- median income $63,434
- population (2018) 35,990
- population growth 2.16%
- vs. nat'l avg 5.21%
