Grand Rapids Named One of the Worst Cities for Renters in the US
For many people in West Michigan, the only way you can have your own space is to rent it. Whether you're renting to save money to buy, or just renting to save money on repairs and taxes, finding the perfect space is a challenge no matter where you're from. But if you're looking to find your dream rental in West Michigan, you may want to steer clear of Grand Rapids.
According to a new article from RentCafe, Grand Rapids is currently the hottest city in the Midwest for rentals, and sixth in the country overall for places people are looking to rent in. Which, may sound like outstanding news, but if you're looking for a place to lay your head: it turns out you may have too much competition.
According to the article, The occupancy rate for apartments in Grand Rapids is almost 97%, and for every apartment that is currently open, 18 people are competing for that space.
Also, rentals rarely stick around long- so if you like that apartment or home, snatch it up quickly! As of right now, Rentals only last an average of 32 days on the market.
Is our rental market in Grand Rapids going to get better?
Right now? it's not looking great - according to the article the average city has a .07% new apartment addition rate, while Grand Rapids is only sitting at .03% for 2022, making us slightly below average.
Is there a better place in West Michigan to rent?
While obviously if you're working in the Grand Rapids area you may want to live nearby, you do have a few options that may make it worth the commute. Right now, the rental market in Muskegon is ideal, with Kalamazoo also offering lots of rentals with decent prices for the cost of living in the area.
Both Lansing and Ann Arbor are hot markets, but the the competition is only half as bad as it is in Grand Rapids. While Detroit is a hot market trending upwards again for the first time in awhile, but your prices and competition are much lower than the rest of Michigan.
Good luck on your rental journey, and be patient if you're looking in Grand Rapids because you're not alone.