The top rental markets in Michigan are Detroit, Grand Rapids, Niles, and Flint.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Michigan Rental Trends:
Michigan is the only state to have two peninsulas which means residents are never more than six miles from a freshwater source. With heavy industries in tourism and agriculture, Michigan’s economy is thriving and is an affordable place to live with a variety of options for landlords and renters to enjoy. Here are some highlights from the top rental markets in the Great Lakes State:
Days on Market:
The city with the lowest number of days on market is Flint at only 13 days – under the national average which sits at 15 days; Grand Rapids and Niles both tie for the highest number of days on market at 19.
The top three towns for the largest amount of leads per listing all surpass the national average of 38. Here they are:
- Detroit – 73 leads per listing
- Grand Rapids – 65 leads per listing
- Niles – 39 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Flint comes below that with the lowest average rent of $662 for a two-bedroom compared to the highest rent in Michigan at $1,141 in Grand Rapids.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Michigan’s highest median sale price comes below that at $180,000 in Grand Rapids with its lowest median sale price far lower than the national average at $38,000 in Flint.
Michigan’s median income rings in at $48,300 – close to the the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Michigan cities between 2018 and 2019. With the largest being an increase of 20.83% in Flint at $600, and the largest decrease in Grand Rapids at -4% with the current average at around $1,200 – exactly the national average for security deposits which is also $1,200.
All of the Michigan cities had a livability score 55 or higher with the highest being Grand Rapids at 66!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.