Rent, population, and median household income are important factors to consider for a 1031 exchange in Mentor due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Mentor, Ohio is a part of the Lake County Submarket submarket area, and contains zip codes 44060 and 44061.
Mentor Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Mentor, OH submarket area was $947, which is 16.05% higher than 2014 average rent. This represents a compounded annual growth rate of 3.02%. 2019 vacancy in Mentor, OH was 2.30%.
The total population of the city of Mentor, OH has grown 0.24% since 2010. As of 2018, the population was 47,273. The median household income of the Mentor was $69,069, which is 14.56% higher than the national average.
- submarket area Lake County Submarket
- avg rent $947
- rent growth 16.05%
- vacancy 2.30%
- median income $69,069
- population (2018) 47,273
- population growth 0.24%
- vs. nat'l avg 14.56%
- zip codes 44060 44061
