Rent, population, and median household income are important factors to consider for a 1031 exchange in North Royalton due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Royalton, Ohio is a part of the North Royalton/Brecksville Submarket submarket area, and contains zip code 44133.
North Royalton Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Royalton, OH submarket area was $848, which is 10.85% higher than 2014 average rent. This represents a compounded annual growth rate of 2.08%. 2019 vacancy in North Royalton, OH was 2.40%.
The total population of the city of North Royalton, OH has decreased 0.67% since 2010. As of 2018, the population was 30,239. The median household income of the North Royalton was $70,429, which is 16.81% higher than the national average.
- submarket area North Royalton / Brecksville Submarket
- avg rent $848
- rent growth 10.85%
- vacancy 2.40%
- median income $70,429
- population (2018) 30,239
- population growth -0.67%
- vs. nat'l avg 16.81%
- zip code 44133