GRAND RAPIDS, Mich. — No less than 18 people are competing for each rental unit available in Grand Rapids, according to a report by RentCafe.com.
In its year-end report, the online publication ranked Grand Rapids as the second most competitive rental market in the country, behind Miami, Florida.
The report showed that Grand Rapids had 96.9% of apartments in the city occupied during the year with an average of 18 prospective renters competing for each new vacancy. Vacancies on rental units in the city were filled in an average of about 28 days.
And while demand for rentals grew, Grand Rapids only saw a small increase in new rental units. Only 0.8% of the total rentals in the city were new in 2022.
To compound the rental problem even further, about 70% of renters also renewed their leases during the year, leaving only 3 in 10 apartments available for new renters in 2022.
The competitiveness of the Grand Rapids market has been an ongoing trend over the last decade as the city has continued to grow in popularity among young professionals and families.
10 Most Competitive Rental Markets in 2022
- Miami-Dade County, FL
- Grand Rapids, MI
- Orlando, FL
- Harrisburg, PA
- North Jersey, NJ
- Milwaukee, WI
- Central Jersey, NJ
- Orange County, CA
- Rochester, NY
- Omaha, NE
Lansing and Ann Arbor also made the list as the 20th most competitive rental markets in the country.
You can see the entire list and read about the methodology used in determining the competitiveness of the markets here.
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