Rent, population, and median household income are important factors to consider for a 1031 exchange in Provo-Orem due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Provo-Orem, Utah is a part of the Provo-Orem, UT metropolitan area, and contains 9 zip codes, including: 84601, 84606, 84603, 84604, 84602, and 84097.
Provo-Orem Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Provo-Orem, UT metropolitan area was $1,010, which is 21.98% lower than 2014 average rent. This represents a compounded annual growth rate of 4.05%. 2019 vacancy in Provo-Orem, UT was 4.10%.
The total population of the city of Provo-Orem, UT has grown 3.75% since 2010. As of 2018, the population was 116,702. The median household income of the Provo-Orem was $46,532, which is 22.82% lower than the national average.
- metropolitan area Provo-Orem, UT
- avg rent $1,010
- rent growth 21.98%
- vacancy 4.10%
- median income $46,532
- population (2018) 116,702
- population growth 3.75%
- vs. nat'l avg 22.82%
- zip codes 84601 84602 84603 84604 84605 84606 84057 84058 84097
