Rent, population, and median household income are important factors to consider for a 1031 exchange in Oak Ridge due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oak Ridge, Tennessee is a part of the Outer Counties Submarket submarket area, and contains zip codes 37830 and 37831.
Oak Ridge Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oak Ridge, TN submarket area was $690, which is 23.21% lower than 2014 average rent. This represents a compounded annual growth rate of 4.26%. 2019 vacancy in Oak Ridge, TN was 4.10%.
The total population of the city of Oak Ridge, TN has decreased 0.75% since 2010. As of 2018, the population was 29,109. The median household income of the Oak Ridge was $53,395, which is 11.44% lower than the national average.
- submarket area Outer Counties Submarket
- avg rent $690
- rent growth 23.21%
- vacancy 4.10%
- median income $53,395
- population (2018) 29,109
- population growth -0.75%
- vs. nat'l avg 11.44%
- zip codes 37830 37831
