Rent, population, and median household income are important factors to consider for a 1031 exchange in Wake Forest due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Wake Forest, North Carolina is a part of the Northeast Raleigh Submarket submarket area, and contains zip codes 27587 and 27588.
Wake Forest Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Wake Forest, NC submarket area was $1,122, which is 30.77% higher than 2014 average rent. This represents a compounded annual growth rate of 5.51%. 2019 vacancy in Wake Forest, NC was 6.70%.
The total population of the city of Wake Forest, NC has grown 46.25% since 2010. As of 2018, the population was 44,046. The median household income of the Wake Forest was $88,394, which is 46.61% higher than the national average.
- submarket area Northeast Raleigh Submarket
- avg rent $1,122
- rent growth 30.77%
- vacancy 6.70%
- median income $88,394
- population (2018) 44,046
- population growth 46.25%
- vs. nat'l avg 46.61%
- zip codes 27587 27588