Rent, population, and median household income are important factors to consider for a 1031 exchange in Westlake due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Westlake, Ohio is a part of the Bay Village/Westlake/Rocky River Submarket submarket area, and contains zip code 44145.
Westlake Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Westlake, OH submarket area was $1,106, which is 19.83% higher than 2014 average rent. This represents a compounded annual growth rate of 3.68%. 2019 vacancy in Westlake, OH was 3.40%.
The total population of the city of Westlake, OH has decreased 1.52% since 2010. As of 2018, the population was 32,233. The median household income of the Westlake was $83,434, which is 38.38% higher than the national average.
- submarket area Bay Village / Westlake / Rocky River Submarket
- avg rent $1,106
- rent growth 19.83%
- vacancy 3.40%
- median income $83,434
- population (2018) 32,233
- population growth -1.52%
- vs. nat'l avg 38.38%
- zip code 44145
