Rent, population, and median household income are important factors to consider for a 1031 exchange in Cornelius due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Cornelius, North Carolina is a part of the Northwest Charlotte Submarket submarket area, and contains zip code 28031.
Cornelius Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Cornelius, NC submarket area was $1,254, which is 23.30% higher than 2014 average rent. This represents a compounded annual growth rate of 4.28%. 2019 vacancy in Cornelius, NC was 5.40%.
The total population of the city of Cornelius, NC has grown 19.63% since 2010. As of 2018, the population was 29,748. The median household income of the Cornelius was $88,366, which is 46.56% higher than the national average.
- submarket area Northwest Charlotte Submarket
- avg rent $1,254
- rent growth 23.30%
- vacancy 5.40%
- median income $88,366
- population (2018) 29,748
- population growth 19.63%
- vs. nat'l avg 46.56%
- zip code 28031