Soaring national rental rates appear to have peaked, according to a recently released report from RENTCafé, a nationwide apartment search website operated by Yardi. Among its findings:
Nationally, apartment rents began to lose steam as the peak rental season nears its end. The average rent inched up another $3 in July, reaching $1,469 per month – the slowest month-over-month growth since February.
Researchers, who studied actual rental rates in some of Michigan’s largest cities, say the news is good for Flint residents, whose average rental rate is just $628 in comparison with Detroit’s $1,075 average.
One of the things the report does not detail is the quality of rental housing stock.
“Much of Flint’s housing was built before 1940s,” says Nicole Pfaff, the founder of Flipping Flint, a independent home rehab company that has being helping eliminate neighborhood blight while repopulating the city.
That, according to Pfaff, makes Flint’s older homes more desirable for renters and homeowners alike.
This and other attributes will be the focus of “Just Renting,” a recently announced reality show about flipping houses in Flint that will air on the Heartland Network lineup.
The 30-minute show will premiere on Aug. 25 at 8:30 p.m. and feature the shows producer Jack Galvin and Flint native and founder of Gebrael Management Nadeem Gebrael’s efforts to buy and renovate single-family homes in Flint and transform them into rentals.
Heartland currently reaches more than 24.5 million homes in addition to its streaming audience, according to a press release.
For those interested in comparison shopping, here are the highlights:
-Rents in Detroit reached $1,075 in July, $47 above what renters were paying a year ago.
-Grand Rapids rents went up by $44, hitting $1,050.
-Smaller cities boast the most significant changes: West Bloomfield registered the highest net rent growth, up by $73 since July last year.
-The most expensive rental prices are in Allendale, averaging $1,580 in July, with West Bloomfield high on its heels ($1,579). Ann Arbor apartments are the third most expensive in MI, at $1,567, that’s $66 more compared to July 2018.
-The cheapest Michigan cities for renters are Flint ($628), Muskegon ($695), and Munroe ($737).
-The fastest-growing annual rents were registered in Wixom, up by 8.5%. On the opposite side, rents decreased most in Dearborn, down by 0.6% year-over-year.