INSIDER

Rents inch down across the country. See how Michigan compares.

Rent prices are starting to level after months of steep increases. Here’s where rent stands in several Michigan cities according to Zumper:Detroit: Median rent - $1,095 for a one-bedroom, $1,050 for a two-bedroom Yearly change – One-bedroom rents stayed flat, two-bedroom rents dropped 5% Monthly change – One-bedroom rents down 3%, two-bedroom rents down 5%Grand Rapids: Median rent – $1,340 for a one-bedroom, $1,400 for a two-bedroom Yearly change – One-bedroom rents up 5%, two-bedroom rents up 17% Monthly change – One-bedroom rents down 1%, two-bedroom rents stayed flatAnn Arbor Median rent - $1,595 for a one-bedroom, $1,900 for a two-bedroom Yearly change – One-bedroom rents up 23%, two-bedroom rents up 6% Monthly change – One- and two-bedroom rents stayed flatKalamazoo Median rent - $934 for a one-bedroom, $1,071 for a two-bedroom Yearly change – One-bedroom rents up 9%, two-bedroom rents up 7% Monthly change – One-bedroom rents up 6%, two-bedroom rents down 1%Flint Median rent - $638 for a one-bedroom, $750 for a two-bedroom Yearly change – One-bedroom rents down 2%, two-bedroom rents up 2% Monthly change – One-bedroom rents up 1%, two-bedroom rents down 4%There’s a few reasons why rent is stabilizing. So as the housing market cools, the rental market will also cool,” Leckie said. Rent prices in a pre-pandemic world tended to slow in the fall and winter and tick back up in the spring and summer. Millennials are looking for dream homes, but Michigan’s competitive housing market keeps them out of reach

mlive.com