Landlords and property managers like Mark Troy, president of Compass Properties, say they are just responding to the booming demand for city apartments and investors – many of them from out of town — who want own rental properties in Grand Rapids.
“It’s a great place to live,” said Troy, who is president of the Rental Property Owners Association (RPOA), an association of West Michigan landlords. “It’s a lot like California. Everyone wants to live there and it drives prices up.
“It’s the biggest frustration I see people running into,” said Troy. “Standard two-bedrooms that used to rent for between $500 and $600 are now renting between $700 and $800.”
Troy, whose company manages and sells rental property, said investors find the Grand Rapids market attractive because prices are still affordable, while the demand for rental units are rising. “I have 10 buyers for everyone who’s selling out there,” he said.