Rent, population, and median household income are important factors to consider for a 1031 exchange in Corrales due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Corrales, New Mexico is a part of the Northwest Submarket submarket area, and contains zip code 87047.
Corrales Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Corrales, NM submarket area was $985, which is 23.28% higher than 2014 average rent. This represents a compounded annual growth rate of 4.27%. 2019 vacancy in Corrales, NM was 4.00%.
The total population of the city of Corrales, NM has grown 4.19% since 2010. As of 2018, the population was 8,678. The median household income of the Corrales was $79,303, which is 31.53% higher than the national average.
- submarket area Northwest Submarket
- avg rent $985
- rent growth 23.28%
- vacancy 4.00%
- median income $79,303
- population (2018) 8,678
- population growth 4.19%
- vs. nat'l avg 31.53%
- zip code 87047