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Updated about 9 years ago on . Most recent reply

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103
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Terry N.
  • Architect
  • Raleigh, NC and Mid Michigan
15
Votes |
103
Posts

Rental market slowdown?

Terry N.
  • Architect
  • Raleigh, NC and Mid Michigan
Posted
Anyone else experiencing difficulties finding renters? Never before had issues. All sudden not getting any calls. Or emails. Lowered price today to what I asked three years ago. Strange feeling about this.

Most Popular Reply

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296
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Tim VandenToorn
  • Real Estate Professional
  • Rockford, MI
137
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296
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Tim VandenToorn
  • Real Estate Professional
  • Rockford, MI
Replied

@Terry N. we are experiencing the same thing at United Properties.  We manage around 500 properties mostly in City of Grand Rapids.  We have seen a drop in prices in our homes listed at over $1500.00 a month.  I think this is due to two things:  Prospective renters who were renting homes over $1500.00 a month are turning to home ownership.  Even if they are in Grand Rapids on assignment for a couple years whether its a physician at the hospital or an executive from Amway, Meijer, Steelcase or other company based here, they feel comfortable purchasing knowing the likelihood they can sell in a year or two and be in a good position.  The second reason is the new construction downtown.  Many of the condo and apartments units are opening up right now so renters have plenty of options.  Personally I don't think we will be in the same position next year as many of the units will be filled, but I do think things are changing in Grand Rapids and we will have to adapt.  Big money has moved in!!  My fingers are crossed that next year the houses I gave away as a discount this year will see increases next year. 

This isn't the same for low income housing.  This market is off the charts.  As rental property prices increase this group is having a more difficult time finding housing.  Anything functional under $1,000 that's a 3 bedroom or more is renting quickly.  This isn't a market most investors choose, but is definitely something to consider. 

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