Rental Prices Rose During Pandemic In Grand Rapids
Since the coronavirus pandemic began, many medium and large sized metropolitan areas in the United States saw a dip in rental prices as people left crowded cities for smaller towns. However, Grand Rapids and it's metro area saw just the opposite, an increase in rental pricing.
Since January of 2020, average rental prices have grown an estimated 3.8% year to year in Grand Rapids. According to a study by Apartment List, that sets rental prices to about:
- Median One-Bedroom Rent: $868
- Median Two-Bedroom Rent: $1,110
Those prices are pretty average compared to similarly sized cities, but the increase of 3.8% is well above the national average, which was actually a decrease of 1.5% in rental prices in 2020.
The study conducted by Apartment List used data from the United States Census Bureau, which you can find at census.gov.
Grand Rapids increase wasn't as bad as some similar sized cities like Huntsville, AL, whose rent rose an average 8.4%. But, Grand Rapids did see the second largest increase in rental pricing in Michigan, only lagging behind Farmington Hills, which saw a 4.1% increase.
Michigan Rental Price Changes In Cities Surveyed
- Farmington Hills +4.1%
- Grand Rapids +3.8%
- Detroit +1.1%
- Lansing +0.8%
- Ann Arbor -1.8%
Only those 5 cities in Michigan were surveyed by Apartment List, so take the rankings with a grain of salt. If you want to see the rest of the survey and check out an interactive map of rental prices across the country, you can head over to the Apartment List National Rent Report. And you can read about the methodology used here.