Rent, population, and median household income are important factors to consider for a 1031 exchange in Lee's Summit due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lee's Summit, Missouri is a part of the Lee's Summit Submarket submarket area.
Lee's Summit Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lee's Summit, MO submarket area was $1,044, which is 36.47% higher than 2014 average rent. This represents a compounded annual growth rate of 6.42%. 2019 vacancy in Lee's Summit, MO was 2.50%.
The total population of the city of Lee's Summit, MO has grown 7.77% since 2010. As of 2018, the population was 98,461. The median household income of the Lee's Summit was $85,325, which is 41.52% higher than the national average.
- submarket area Lee's Summit Submarket
- avg rent $1,044
- rent growth 36.47%
- vacancy 2.50%
- median income $85,325
- population (2018) 98,461
- population growth 7.77%
- vs. nat'l avg 41.52%