Real Estate

Grand Rapids ranks as No. 2 rental property market in Midwest

November 4, 2015
| By Pat Evans |
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Urban residential developments are popping up across Grand Rapids. Photo by Michael Buck

It’s good to own rental property in the Grand Rapids market.

Grand Rapids is the second-best market to own a rental property in the Midwest and ranks No. 18 in the nation, according to a Q215 report by Seattle-based All Property Management.

The report looks at 75 metros across the U.S.

The “Rental Ranking Report” ranks Grand Rapids largely because of a 6.65 percent year-over-year property value increase. That percentage was about 31-percent greater than the national average.

Grand Rapids also had the fourth-lowest vacancy rate in the period at 2.5 percent.

Additionally, Grand Rapids had a median age of housing inventory of 51 days, nearly two weeks less than the national average.

The city also had a job growth of 1.97 percent, showing the demand should continue to stay strong, the report says.

Other strong markets

The report also shows markets such as Nashville, Tenn., Columbus, Ohio and Raleigh, N.C. as emerging, along with traditional markets, such as San Francisco and Boston.

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