A new report on vacancy rates underscores a competitive market for residential rental units in Grand Rapids.
HelpAdvisor recently released its 2022 Rental Vacancy Rates by City and State report, which includes data from 75 big cities and metro areas across the country.
According to the findings, Grand Rapids had the second-lowest vacancy rate for the second quarter of 2022 compared to the other metro areas.
The percentage for Grand Rapids came in at 1.3% — below the national average of 5.7% and also below Michigan’s statewide average, which is 5.2%.
This percentage for 2022 decreased from the 2021 vacancy rate for Grand Rapids, which was 3.7%.
The only other city to rank lower than Grand Rapids for 2022 was Sacramento, California, with a vacancy rate of 0.9%.
As noted by the HelpAdvisor report, a low vacancy rate means fewer options and typically higher prices for people looking to rent. When the vacancy rate is low, potential renters compete against each other for units and landlords often will increase the price to find the highest bidder.
In addition, report authors credited tighter mortgage restrictions, rising home costs and record-low home inventory as key factors impacting vacancy rates.
The data from the report came from the U.S. Census Bureau’s Housing Vacancies and Homeownership (CPS/HVS) Survey, specifically the Quarterly Vacancy Rates report including second quarter 2022.