Rent, population, and median household income are important factors to consider for a 1031 exchange in Rochester due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Rochester, Minnesota is a part of the Rochester, MN metropolitan area, and contains 6 zip codes: 55904, 55906, 55902, 55905, 55903, and 55901.
Rochester Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Rochester, MN metropolitan area was $1,196, which is 28.88% lower than 2014 average rent. This represents a compounded annual growth rate of 5.21%. 2019 vacancy in Rochester, MN was 6.00%.
The total population of the city of Rochester, MN has decreased 2.03% since 2010. As of 2018, the population was 206,284. The median household income of the Rochester was $33,399, which is 44.61% lower than the national average.
- metropolitan area Rochester, MN
- avg rent $1,196
- rent growth 28.88%
- vacancy 6.00%
- median income $33,399
- population (2018) 206,284
- population growth -2.03%
- vs. nat'l avg 44.61%
- zip codes 55901 55902 55903 55904 55905 55906
