Grand Rapids said to have lowest rental vacancy in the country
According to a new article in MiBiz.com by Nick Manes:
“A new study shows that, despite the abundance of cranes in the sky constructing new apartment units around Grand Rapids, it’s not nearly enough.
“According to real estate research website Zillow, the Grand Rapids-Wyoming Metropolitan Statistical Area (MSA) has a 1.6 percent apartment vacancy rate, the lowest in the country. The national vacancy rate by comparison was 7 percent at the end of 2014. This is the lowest vacancy rate since 1993, according to the Zillow study.
“From the Eastown neighborhood, all the way through the central business district and out to the west side, developers have new construction projects — almost entirely apartments — going full force…”