Michigan rents jumped 8% this year. How will they change in 2023?
Rent prices took off this year. And Leckie expects this slowdown to continue into 2023 despite the “blip” of rising prices in November. Rents skyrocketed during the past two years as the number of new households increased and rental vacancies decreased. This created what some in Michigan described as a cutthroat market where yearly rent increases neared 20%. “We’ll start to get back to normal yearly increases that we saw before the pandemic but don’t expect rent levels to go pre-pandemic rent,” Leckie said.
mlive.comRents 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.comExpert calls Detroit housing, rental market ‘kind of wacky right now’
DETROIT – If you’re looking to buy or rent a house in Metro Detroit, you already know you need to act fast and be ready to pay. There are some major factors leading to a booming rental market, especially in the suburbs of Detroit. But there’s also nuance to consider, as the entire housing market is changing right before our eyes. “The market is kind of wacky right now,” Carberry said. I guess the weirdest thing about Detroit right now is it’s following a normal trajectory we would expect in a non-pandemic year.”Many renters are searching for a new home and finding the process infuriating.