Rent, population, and median household income are important factors to consider for a 1031 exchange in Redmond due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Redmond, Washington is a part of the Redmond Submarket submarket area, and contains 3 zip codes: 98073, 98052, and 98053.
Redmond Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Redmond, WA submarket area was $2,056, which is 39.11% higher than 2014 average rent. This represents a compounded annual growth rate of 6.82%. 2019 vacancy in Redmond, WA was 6.60%.
The total population of the city of Redmond, WA has grown 25.00% since 2010. As of 2018, the population was 67,678. The median household income of the Redmond was $123,449, which is 104.75% higher than the national average.
- submarket area Redmond Submarket
- avg rent $2,056
- rent growth 39.11%
- vacancy 6.60%
- median income $123,449
- population (2018) 67,678
- population growth 25.00%
- vs. nat'l avg 104.75%
- zip codes 98052 98053 98073