It’s getting harder for renters to find housing in Michigan and more people are renewing their leases, according to a new ranking of rental markets across the U.S. by RentCafe, a marketing group that studies national trends.
Grand Rapids ranks 11 on the list, showing a 1% increase in the supply of apartments last year.
With 70% of renters renewing their leases, that leaves 10 renters competing for each vacant unit and apartments typically rent within 35 days.
Analysts credit the tight housing to the Midwest’s change from its “Rust Belt” past to a diversified tech and manufacturing economy, particularly in areas like Grand Rapids which now attracts recent graduates and young professionals who want to be close to major Midwestern cities like Detroit and Chicago, which ranked #1 on the list.
Detroit follows Grand Rapids at #12 and Lansing-Ann Arbor were rated together at #16.
RentCafe rated scores by average days vacant, occupied apartments, prospective renters per open unit, lease renewal rate and percentage of new units.
