4 months ago · Justin Becker · Comments Off on The Average Rent In Grand Rapids, Michigan
This article addresses the topic of the average rent in Grand Rapids Michigan.
- Located in the ‘Wolverine State,’ the city of Grand Rapids is a fantastic, vibrant and forward-thinking cosmopolitan city to live and rent a property in 2021.
- The city is widely known as the ‘Furniture City’ due to its history, dating from many years ago, for being the go-to hub of furniture manufacturing. The city continues to follow its furniture manufacturing traditions today.
- It is a relatively affordable place to live. The Grand Rapids MI average rent price is $1,140, and the average size of an apartment in the city is 864 square foot.
- Visit websites online that showcase the wonderful properties on offer in the city through virtual 3D tours!
The city lies on the picturesque serene Grand River, blessing its residents with glistening riverfront views all year round. The city’s neighborhoods offer plenty of variety and character, from the trendy historic arty Heartside neighborhood in the Downtown area, to the leafy suburban areas such as East Grand Rapids. The neighborhood of East Grand Rapids is an ideal place for families to settle and the homes there offer residents plenty of living space. East Grand Rapids boasts a combination of both contemporary and historic architecture from centuries ago.
This is a large city with approximately 203,000 inhabitants today. However, fear not, the ‘Interurban Transit Partnership’ and ‘DASH’ (Downtown Area Shuttle) provide urban residents with an efficient public transport bus service, enabling people to move around the city at relative ease. In recent years, a special express bus lane has been opened to ensure buses are capable of transporting passengers around the city and to and from the surrounding suburban areas (such as East Grand Rapids) at a quicker rate without the time-consuming hassle of traffic.
Culture vultures, you are in luck! Grand Rapids MI is a hotbed of cultural heritage with many unmissable attractions for you to enjoy. The top museums to visit in the city include the Gerald R. Ford museum, whose collections pay homage to Ford’s time as president in the mid 1970s, and the impressive Grand Rapids Public Museum, which showcases exhibitions dedicated to science, history, and culture and is an educational fascinating day out for people of all ages.
We definitely recommend carrying out a sufficient amount of research before renting a Michigan Grand Rapids property. On real estate websites you will be able to use 3D tours online to get a good 3D view of the home and all of its rooms, giving you a better insight into what it is like to live in the Grand Rapids rental property and the living space it has available.
Average Rent In Grand Rapids Michigan
Studio apartments for rent at the moment are going at an affordable rate and offer very good value!
Studio living is ideal for young professionals or single individuals seeking to follow a minimalistic and simple way of life. The average monthly cost of renting a studio in Grand Rapids is currently $850. The rental price for a studio in the city has shot down by over 100 dollars, from $964 in March 2020. Are you seriously looking into renting a dreamy studio? Get yourself a bargain and dip into the Grand Rapids MI rent market now, and take advantage of the current low average rent prices of studio units in the city.
The cost of 1-bedroom apartments for rent
The average rent price for a 1 bedroom apartment in the city is currently $1,175. The average rent has increased by 10% in the past month alone. However, the cost of renting a 1 bedroom apartment in Grand Rapids MI is still considerably far more affordable than the national U.S. average of approximately $1,560 a month.
The cost of 2-bedroom apartments for rent
Do you require a bit more living space? Or are you hoping to be able to host guests in a spare room? Then renting a two-bedroom apartment may just well be the thing you are after.
Surprisingly, the cost of Grand Rapids MI rent for a two-bedroom apartment is scarcely more than renting a 1 bedroom apartment! The current average rent for a two bedroom apartment is $1,200 a month. Therefore, why not take the plunge and opt for a place which can offer you a handy extra bedroom at a reasonable price?
The cost of 3+ bedroom apartments for rent
For growing families looking for extra space and extra bedrooms, 3 or 4-bedroom properties may be the best fit to meet your needs. However, bear in mind that inevitably renting a 3+ bed property anywhere will work out more expensive every month in terms of rent costs.
Factors behind the rent trends in the local rental market
Grand Rapids MI is an increasingly popular city to move to, and it has experienced a steady population growth since 2010. As a result of the rise in the city’s population, the average apartment rent cost has also in tandem steadily increased, but not at an excessive or ridiculously high rate.
The median household income is $65,615, which is lower than the national U.S. average of $68,000. Therefore, in order to attract renters to invest in Grand Rapids apartments for rent and provide them with reasonably priced housing, landlords try as much as possible to keep rents at rates which are realistic and affordable for local residents.
Can I afford to rent? How much do I need to earn to comfortably afford to pay for rent in the city?
The average annual salary in Grand Rapids is $61,000, therefore an average one-bedroom apartment rent at $1,175 a month should be easily affordable and well within most working individuals’ budgets. Earning the average salary in the city of $61,000 a year, you should even find yourself the luxury of being able to afford to rent an average priced 3-bedroom apartment unit or home in the city at $1,365 a month.
The overall cost of living
When deciding whether to rent in a certain location, it is crucial to take into account the additional living expenses of being in the given neighborhood. Grand Rapids’ cost of living index score is 87.8, which is a whopping 12.2 percent lower than the national average cost of living! The cost of living is conveniently very much affordable.
Let’s break down the cost of some key expenses in Grand Rapids
- Housing: The cost of housing is an astounding 28.7% lower than the national average.
- Grocery Shopping: The cost of groceries is 4.8% lower than the national average
- Transportation: The cost of transportation is 4.9% lower than the national average.
- Utilities (electricity, heating, gas bills etc): The cost of utilities is 0.1% lower than the national average.
- Healthcare: The cost of healthcare is an impressive 26.6% lower than the national average cost of healthcare.
The most expensive neighborhoods in Grand Rapids
The most expensive neighborhoods to rent in this city in terms of average rent prices per month are Roosevelt Park ($1,393/month), South Hill ($1,393/month) and Southeast Grand Rapids ($1,393/month). These more expensive neighborhoods to rent in are all situated in central locations, closer to the downtown district. Living in one of these three neighborhoods, you will find yourself conveniently at a walking distance from the main popular downtown cultural sites, and the best neighborhoods in Grand Rapids for creatives and art enthusiasts, such as the Heartside area (averages based on renter occupied comps).
The most affordable neighborhoods in Grand Rapids MI
The most affordable neighborhoods to rent in terms of average rent prices per month are Garfield Park ($936/month), Baxter ($992/month), and Eastgate ($992/month). Therefore, if you are after a lower cost of living, we recommend looking into renting property in these neighborhoods in Grand Rapids in zip codes where rent prices are much cheaper (averages based on renter occupied comps).
Baxter has the double advantage of having cheaper rent prices as well as being a centrally located neighborhood, being a mere stone’s throw from the heart of the city.
Renting vs. Buying in Grand Rapids
45% of housing units in East Grand Rapids MI are renter occupied households.
Why choose to rent instead of purchasing a property in Grand Rapids? Well, here are some different benefits in opting for renter-occupied housing units.
- Access to amenities provided by the landlord/property management
- You do not need to pay a large down payment for a deposit, or worry about the burden of paying off an expensive mortgage
- A free maintenance service on hand to cover your repair costs
- Renting gives you flexibility of choosing where you want to live, all while allowing you the freedom to leave and move to another neighborhood at the end of your tenancy with relative ease.
Renting in Grand Rapids MI is fortunately an affordable option, which you should not hesitate to take advantage of. We suggest you go and visit websites such as realtor.com and apartments.com to carry out further research into homes or apartments in Grand Rapids, and get a better understanding of what living in a property is really like through virtual 3D tours online.