Grand Rapids ranks among top 10 most competitive rental markets

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234 Market Apartments in Grand Rapids. Courtesy NAI Wisinski West Michigan

A new report placed Grand Rapids within the top 10 most sought-after rental markets in the U.S.

RentCafe, a national apartment listings site, recently released a report on the Most Competitive Rental Markets in 2022. Based on data from the first part of this year, Grand Rapids ranked at No. 6 in the country and No. 1 for the Midwest.

To rank the hottest rental markets, RentCafe factored the number of days rentals were vacant, the number of renters competing for an apartment, the percentage of renters who renewed their leases and the percentage of new apartments built.

According to the findings, Grand Rapids rental apartments that became vacant in early 2022 were filled within 32 days, while the national average is 35 days. Apartment seekers in the area had to compete with 18 other renters for each desired place, compared to 14 renters for the national average.

In addition, 69% of dwellers in Grand Rapids opted to renew their leases instead of relocating to a different apartment or purchasing a home. The national average is 62%.

RentCafe found the buzz in renting activity in Grand Rapids makes the supply less than the demand, with the share of new apartments completed in the first part of 2022 accounting for 0.3% of the entire available stock, below the national level of 0.7%.

The Grand Rapids rental market refers to the Grand Rapids-Wyoming, Holland, Kalamazoo-Portage and Muskegon areas in the report.

Data was compiled by Yardi Matrix, a source for commercial real estate intelligence.

Top 20 most competitive rental markets in 2022

  1. Miami-Dade County, Florida
  2. Harrisburg, Pennsylvania
  3. Orlando, Florida
  4. Southwest Florida
  5. North Jersey, New Jersey
  6. Grand Rapids
  7. Rochester, New York
  8. Central Jersey, New Jersey
  9. Milwaukee
  10. Broward County, Florida
  11. Orange County, California
  12. Tampa, Florida
  13. Omaha, Nebraska
  14. Central Valley, California
  15. Suburban Chicago
  16. San Diego
  17. Suburban Philadelphia
  18. Eastern Virginia
  19. Inland Empire, California
  20. Eastern Los Angeles County

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