Have heard good things about Grand Rapids, MI for Multi Family

Out of State Investing
2yFollow

Have heard good things about Grand Rapids, MI for Multi Family

Matt Owens
Member since 2019 · 17 posts · 21 votes

I was wondering if anyone has experience with Grand Rapid, MI and the multifamily rental opportunities? I have been hearing good things about the market. Would Michigan be a good place for an out of state investor to look?

0Reply
84 views

Most Popular Reply

Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
2y

Join RPOA.com

[email protected]248-209-6824
Logical Property Management4.9458 Reviews
WebsiteView Page
1Reply
See this reply in the discussion

10 Replies

Jump to latestLatest
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    2y

    Join RPOA.com

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    1Reply
  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Matt Owens

    We have several members who live in the Grand Rapids market, and own assets. Where are you investing from? For me, there would be better markets to invest in from out of state.

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
    0Reply
  • Jeff Roth
    Real Estate Consultant · Ann Arbor, MI · Member since 2022 · 463 posts · 253 votes
    2y

    Hi Matt-

    Great question about whether Grand Rapids is a good market for multifamily rentals and if Michigan is a good place for an out-of-State investor to look at.

    Grand Rapids is one of the best local economies in the State. There is lots of economic development in Grand Rapids and it has a diverse economy. It also has net positive population growth and mostly from younger people. 

    Grand Rapids is definitely a good market for multifamily investment as it has also seen rent growth unlike other parts of the country for multifamily.

    It is also a more affordable place to invest compared to other parts of the country and Grand Rapids is generally landlord friendly.

    A quality property manager is essential for an out-of-State investor and there are some good ones locally.

    To Your Success!

    1Reply
  • Matt Owens
    OP
    Member since 2019 · 17 posts · 21 votes
    2y

    @gino Barbara


    Thank you for the feedback. I’m in the Northeast NJ/NY market. Would be open to any recommendations. 
    0Reply
  • Kevin Polakovich
    Lender · Grand Rapids, MI · Member since 2024 · 5 posts · 1 vote
    2y

    @MattOwens 

    My partner and I have been buying multifamily in Grand Rapids since 2009 and continue to invest. Happy to do a call and share insight on the market. 

    0Reply
  • Tim VandenToorn
    Real Estate Professional · Rockford, MI · Member since 2015 · 301 posts · 138 votes
    2y

    Here are a few good things happening in Grand Rapids.  

    I am working on a video to highlight all of these developments. 

    1- Grand Rapids is in the top 10 for appreciation in home value. We saw a 12% increase in 1 year. Here's an article for reference: https://www.woodtv.com/news/nexstar-media-wire/10-us-cities-where-home-prices-are-getting-worse-and-5-where-theyre-dropping/?fbclid=IwZXh0bgNhZW0CMTEAAR1xMWkQcObAajE2Jnm-MvgzUzmtBFZ1DsJfmpng54xOTFdQhD4ILA3skgE_aem_dq00HGIkgh6rlSf94ILsuQ
    2—Several multi-million dollar expansion projects are happening in Grand Rapids right now, which will continue to drive the need for housing and purchase value up. 

    Here are a few examples: -

    $184 million dollar Amphitheater venue - 

    $70 million dollar Grand Rapids Public Museum expansion - 

    $55 million dollar River Trail enhancements - 

    $40 million dollar riverfront restoration - 

    $80 million dollar Corewell Health site - 

    $175 million dollar Soccer Stadium

    1Reply
  • Randy CharboneauBusiness Member
    Residential Real Estate Broker · Grandville, MI · Member since 2016 · 109 posts · 78 votes
    2y
    Quote from @Matt Owens:

    I was wondering if anyone has experience with Grand Rapid, MI and the multifamily rental opportunities? I have been hearing good things about the market. Would Michigan be a good place for an out of state investor to look?


    Hey Matt!  I'm a Real Estate Broker based in Grand Rapids and cover the West Michigan market.  Let me share some info and data with you about this area.

    Grand Rapids has experienced a bit of a boom the last few years due to lack of properties for sale and consistent (or even increasing) demand.  Because of this, our median price point has risen from $200,000 in Spring of 2019 to a value of $315,000 today in just 5 years!  That kind of appreciation is wonderful for long term hold investors but it's having a negative effect on investors entering the market.  Rents have not quite kept pace with the median price increase and as a result, cash flow has suffered.  We have had quite a few rental units enter the market in Grand Rapids recently as well.  It's pretty common to find 2x more rental units available than homes for sale.   Compare that to a nearby major metro like Muskegon that has 5x more homes for sale than rental units available!  

    Grand Rapids is an excellent investment opportunity for the long game where appreciation and equity build up are the priorities.  If cash flow is your goal, I'd suggest looking at some of the nearby communities like Muskegon, Battle Creek and Kalamazoo.  The price point entries in those communities are much lower and the cash flows are excellent with much less rental pressure on units and a better homes for sale ratio. 

    I cover all these areas so if you'd like to discuss particulars just message me and I'll be happy to help

    [email protected]616-262-0001
    INDEPENDENCE REALTY512 Reviews
    WebsiteView Page
    1Reply
  • Matt Owens
    OP
    Member since 2019 · 17 posts · 21 votes
    2y

    @Randy Charboneau

    Really great insight. Thank you for sharing this. It gives me a great lens to look at this market through. 

    1Reply
  • Tim VandenToorn
    Real Estate Professional · Rockford, MI · Member since 2015 · 301 posts · 138 votes
    2y

    Here are some of the developments happening in Grand Rapids.  Get perspective on the City at the same time.  

    https:// youtu.be/MM4sFPID3Zg

    1Reply
    • Bill Boudreau
      Clearfield, UT · Member since 2016 · 18 posts · 15 votes
      1y
      Quote from @Tim VandenToorn:

      Here are some of the developments happening in Grand Rapids.  Get perspective on the City at the same time.  

      https:// youtu.be/MM4sFPID3Zg


       Nice work on the video.  It was interesting and informative!

      1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free