It’s Rent Pay Day! Grand Rapids is 6th Most Competitive Rent Market in the Country
Moving to Grand Rapids felt like I was on a track tournament to finding the perfect apartment.
I felt like I was racing against every single person in Grand Rapids. Thankfully, I found a fantastic space that is close to work.
On average, a single apartment has as many as 19 people fighting for the same space, according to RentCafe.
RentCafe also states that
"The number of newly opened apartments accounting for just 0.7% of the total housing supply, finding a new rental is becoming more difficult these days."
The study reveals that Grand Rapids is the 6th most competitive renters market.
- Miami-Dade County, Florida
- Harrisburg, Pennsylvania
- Orlando, Florida
- Southwest Florida
- North Jersey
- Grand Rapids, Michigan
- Rochester, New York
- Central Jersey
- Milwaukee, Wisconsin
- Broward County, Florida
There are several areas that have the highest demand for apartments, including Holland, Kalamazoo, Wyoming, and Muskegon.
For apartments in Grand Rapids, the occupancy rate is almost 97%.
With the occupancy rate being so high, the study also explains that the city has an extremely small amount of new apartments being built.
RentCafe states that the national average for apartments to be vacant is 35 days. However, in Grand Rapids, the average number of days is only 32 days.
Yardi Matrix Manager of Business Intelligence Doug Ressler told ABC 13,
"It really gets back to supply and demand, how much supply is being built to meet that demand? Whether it be to-own homes, single family rents, or build-to-rent, and right now, the demand is growing exponentially greater than the supply can fulfill."