Grand Rapids rental market ranked among most competitive in nation

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234 Market apartments Grand Rapids exterior
234 Market Apartments. Courtesy NAI Wisinski West Michigan

A nationwide internet listing service for rental properties found Grand Rapids ranked among the 50 most competitive rental markets in the U.S., according to its 2021 year-end report.

Grand Rapids took the No. 18 spot among the top 50 for most sought-after rental markets in 2021, according to RentCafé’s report, which analyzed more than 105 metros nationwide. Findings were based on occupancy rates, the number of renters applying for an available unit, number of vacancy days and average credit score.

According to RentCafé, Grand Rapids ranked in the top 50 because of its easy access to outdoor attractions and small-town feel in a year where renters faced fierce competition in a market with high demand, low apartment availability and applications backed by good credit scores.

The study also found Grand Rapids had the 17th highest number of individuals competing for one available unit, with 22 people on average applying for one apartment, compared to the national average of 14 renter applications per unit. Prospective renters also had limited housing options in a market with 97% occupancy rates, with an average of just 25 days for a vacant apartment in Grand Rapids to be rented out. By national comparison, occupancy rates reached 95.4% with vacant apartments staying on the market for 28 days. Those who rented in Grand Rapids had an average credit score of 637, coming in just below the national credit score average of 640.

The full, nationwide study is on RentCafé’s website.

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