1031 Exchange Westlake, Ohio

 

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

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