GR ranked best place in nation to own rental property

February 27th, 2014 by Lease GR

There’s no better place in the country to own rental property than Grand Rapids. For the second year in a row, a nationwide study ranked Grand Rapids number one based on several factors, including rental return, appreciation, vacancy rates and job growth. A recent story in The Grand Rapids Press shared all the details.

GR ranked best place in nation to own rental property

By Jim Harger

For landlords, Grand Rapids is the nation’s best market for doing business, according to a survey by All Property Management, a Seattle-based online network of property management services.

It’s the second year in a row in which Grand Rapids scored the highest among 75 metropolitan areas surveyed by APM.

“Grand Rapids remained the top score in the country due to its strong jobs growth, strong rental prices and continued escalation in home prices,” according to the survey, which ranked the markets by six factors. SEE THE FULL STORY…


Kent County identified as a hidden gem for landlords

October 2nd, 2013 by Lease GR

Screen shot 2013-10-02 at 4.03.45 PMKent County ranks 15th among the nation’s hidden gems for single-family rental homes, the only county in Michigan to make a list of top overlooked markets released by RealtyTrac. The ranking was based on gross rental yield, which is calculated by dividing gross annual rental income by the median market value of a property. The RealtyTrac study pegged average gross rental yield in Kent County at 9.7 percent. That assumes a median market value of $116,000 for single-family rental homes and an average monthly rental income of $936. If you’re interested in buying or selling rental property in Kent County, contact LeaseGR. And check out the news release below for details about the ranking.

RealtyTrack and RentRange release top 25 hidden gem single-family rental markets

Sept. 19, 2013 – RealtyTrac, the nation’s leading source for comprehensive housing data, and RentRange, the nation’s leading provider of residential Rental Market Intelligence to the financial services and real estate industries, today released a list of the Top 25 Hidden Gem Single Family Rental Markets nationwide based on gross rental yield, the expected return on investment before accounting for taxes, maintenance fees and other costs.

The top 25 Hidden Gem Single Family Markets were determined by evaluating gross rental yield data provided by RentRange, institutional investor sales data provided by Realty Trac, and unemployment data for more than 450 nationwide counties with populations of 100,000 or more. The analysis was limited to single family homes with three bedrooms. READ THE FULL NEWS RELEASE…


Grand Rapids is “Cool City” for downtown rentals, says Crain’s Detroit

June 11th, 2013 by ifi-admin

Grand Rapids Rental and Property Management company seeking home owners downtown

Do you own property in Grand Rapids? You might find this article in Crain’s Detroit Business interesting. The article cites high demand for downtown Grand Rapids rentals. Though many of our clients are in outlying and suburban areas of Grand Rapids, we’re always looking for quality homes to lease in the city center. If you’ve been thinking about leasing property you own downtown, contact us to learn how we can help. Visit Crain’s to read the full story, excerpted here:

Apartment rentals are hot property in downtown Grand Rapids

By Rod Kackley

One thing that downtown Grand Rapids has going for it: old buildings, many of them empty. Another thing: Demand from people who want to rent an apartment downtown — young people, in particular — has spilled onto waiting lists.

In response, developers are renovating downtown buildings as quickly as City Hall will allow, putting as few as four rental units in some buildings, 30-40 in others and more than 100 in a few.

Developer Sam Cummings, the principal and managing partner of CWD Real Estate Investment, is a believer in rental development in downtown Grand Rapids.

“There is room to run with apartments,” he said. “Rents are doing quite well and occupancy, for all intents, is 100 percent.”

The only vacancies that CWD Real Estate has in The Gallery Apartments are one-month turnovers, when a lease runs its course and a new tenant needs to be selected. Cummings said rents there are in the market-rate range for downtown Grand Rapids — from $950 a month for a studio to $2,500 for a three-bedroom apartment.

Clay Powell, director of the Rental Property Owners Association in Grand Rapids, thinks the number of people renting downtown will continue to climb for the next three to five years because of stricter mortgage lending requirements.

Developers such as Cummings have the luxury of selecting tenants because demand for apartments downtown is outstripping supply. People just out of college, working their first job, are standing beside their empty-nesting parents in line for apartments that are being built wherever there’s an empty space, he said. READ MORE AT CRAIN’S…


 
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