Are Rent Prices Coming Down in Grand Rapids? Quite Possibly!

The price of everything is going up these days with gas leading the way as the price of a gallon here in Michigan has set records. But, you know what's interesting, rents may just be coming down here in Grand Rapids. What's up with that?

Around the country Rent.com reports rent prices continue to trend up.  According to their March analysis of one-bedroom apartments, 95.6 percent of statewide markets have increased. That equates to a national surge of 22.2 percent year-over-year.

But, they say the area that has seen some relief is the Midwest, and Grand Rapids is certainly in the middle of that.

Our Grand Rapids reported rent prices have decreased just about 6%. Nation wide, the average rent for a one-bedroom apartment is a stunning $1697! And, a two-bedroom rents for an average $2050! Kind of takes your breath away doesn't it.

But here, the average rent reported by Rentcafe.com is $1324. Now, that's for a very modest 870 sq. feet. And, you're probably not downtown, which seems to be the "hot" area to live for the moment. And, you might not be in the most desired buildings and locations. So I checked a few out. Some of the coolest, hippest locations are just a little higher.

Arena Place Apartments Downtown Grand Rapids

For instance, for a hot location like Arena Place at 55 Ottawa, SW, a one-bedroom will run you $1730.

Venue Tower Apartments Downtown Grand Rapids

Venue Tower, 15 Ottawa, NW will run you $1752 for a one-bedroom.

Plaza Towers in Downtown Grand Rapids

The Plaza Towers Apartments at 201 W. Fulton, downtown will run $1573 for a one bedroom.

On the other end of rent prices downtown however, you can still be downtown and move into the Lofts @ 5 Lyon for only $1120. So rent prices are kind of all over the place.

Granted, I have focused on downtown living and there are so many other options throughout the Greater Grand Rapids area.

So, whatever you're looking for, obviously, location, location, location are the three key words here, in addition to amenities, amenities, amenities. But, still, on average, our rents have come down a bit and that is a huge relief the we can only hope will continue.