A recent study rated Grand Rapids' rental market very favorably.
The study was done by All Property Management. The study looked at 75 different rental markets in the U.S. and ranked them. The study put Grand Rapids in the top fourth of these markets for market attractiveness, giving it an overall rank of 18th. Grand Rapids was given the second best ranking of markets in Midwestern America.
Included among the things the study pointed to as contributing to Grand Rapids' attractiveness as a rental property market are high average property value increases, strong regional job growth and low vacancy rates.
Now, as a note, while this study did have an overall favorable view of Grand Rapids' rental market, Grand Rapids did not rank as well in this study as it did in a similar study 18 months ago. In that study, Grand Rapids had been named the country's top rental market.
What do you think will happen in the Grand Rapids rental market in the next few years?
Many different things can impact the financial prospects of a rental property for an investor or developer. One is the market conditions in the rental market the property is in. Another is what happens with legal matters that come up in relation to the property, such as sales contract issues, disputes over sales agreements, zoning and land use issues or tenant disputes. Experienced real estate attorneys can provide guidance to developers and investors when it comes to the diverse range of legal matters that can come up in connection to rental properties.
Source: MLive, "Grand Rapids is one of the nation's hottest rental markets," Jim Harger, Nov. 6, 2015