Rent, population, and median household income are important factors to consider for a 1031 exchange in Garfield Heights due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Garfield Heights, Ohio is a part of the Bedford/Garfield Heights/Bedford Heights Submarket submarket area.
Garfield Heights Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Garfield Heights, OH submarket area was $721, which is 10.41% lower than 2014 average rent. This represents a compounded annual growth rate of 2.00%. 2019 vacancy in Garfield Heights, OH was 2.60%.
The total population of the city of Garfield Heights, OH has decreased 4.03% since 2010. As of 2018, the population was 27,687. The median household income of the Garfield Heights was $41,841, which is 30.60% lower than the national average.
- submarket area Bedford / Garfield Heights / Bedford Heights Submarket
- avg rent $721
- rent growth 10.41%
- vacancy 2.60%
- median income $41,841
- population (2018) 27,687
- population growth -4.03%
- vs. nat'l avg 30.60%