Rent, population, and median household income are important factors to consider for a 1031 exchange in Lakewood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lakewood, Ohio is a part of the Lakewood/Linndale/Brooklyn Submarket submarket area, and contains zip code 44107.
Lakewood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lakewood, OH submarket area was $803, which is 17.57% lower than 2014 average rent. This represents a compounded annual growth rate of 3.29%. 2019 vacancy in Lakewood, OH was 3.10%.
The total population of the city of Lakewood, OH has decreased 3.90% since 2010. As of 2018, the population was 50,100. The median household income of the Lakewood was $51,323, which is 14.88% lower than the national average.
- submarket area Lakewood / Linndale / Brooklyn Submarket
- avg rent $803
- rent growth 17.57%
- vacancy 3.10%
- median income $51,323
- population (2018) 50,100
- population growth -3.90%
- vs. nat'l avg 14.88%
- zip code 44107