There is growing concern in West Michigan over high rent prices for apartments and homes. Experts say this is a supply and demand issue. 

More people are wanting to live in Grand Rapids which is causing a short supply for housing. This is driving up rent prices. Apartments are asking for $1500-$2000 for small one bedroom apartments. This cost does not include utilities and more and more people are finding it hard to afford the price.

WOOD TV asked viewers on Twitter if their rent had gone up in the past year. Seventy-eight percent of the people who responded said their rent went up 55%.

Scott Nurski, senior multifamily investment specialist for NAI Wisinski told WOOD TV,

The more demand there is for that item, the higher the price will be because there is more competition for it. It’s just a great place to be and so in any market that has those factors going for them, you’re going to see increased demand.

The current occupancy rate across West Michigan is 95.8%, which is considered very high. This means most of the housing available here is already taken up. Houses that were sold in 2017 are now being listed for twice as much. The sellers of these homes are getting above asking price and selling within hours of listing.

Photo by Gabrielle Henderson on Unsplash

Bloomberg offers advice on how to get your rent lowered:

  • ask for lower rent
  • have comparables ready
  • offer a longer lease for lower rent
  • ask about amenities
  • ask for pet increases and parking/garage costs to be removed
  • help landlords fill vacancies for a discount or credit
  • sell yourself as a model tenant
  • be nice!

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