Median rents, rental comps, and market trends across 12 zip codes in Grand Rapids, MI.
The Michigan city that's actually growing. While Detroit gets the headlines, Grand Rapids quietly built a diversified economy around healthcare, manufacturing, and a quality of life that keeps people around. Entry points still make sense.
Median Asking Rent
$1,569
Rent Change (YoY)
-13.6%
Avg Days on Market
42
Active Rental Listings
902
Median List Price
$320,000
Average across 12 zip codes
ZIP | Median Rent |
|---|---|
| 49525 | $1,975/mo |
| 49534 | $1,950/mo |
| 49546 | $1,881/mo |
| 49506 | $1,845/mo |
| 49512 | $1,610/mo |
| 49504 | $1,600/mo |
| 49505 | $1,550/mo |
| 49503 | $1,450/mo |
| 49507 | $1,450/mo |
| 49508 | $1,450/mo |
| 49509 | $1,375/mo |
| 49548 | $1,348/mo |
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| Unit Size | Median Rent |
|---|---|
| Studio | $1,175/mo |
| 1 Bedroom | $1,215/mo |
| 2 Bedroom | $1,400/mo |
| 3 Bedroom | $1,895/mo |
| 4 Bedroom | $2,448/mo |
Aggregated median across all Grand Rapids zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 49506 | $589,900 |
| 49546 | $455,000 |
| 49525 | $375,000 |
| 49534 | $365,000 |
| 49508 | $335,000 |
| 49512 | $324,900 |
| 49505 | $320,000 |
| 49503 | $299,900 |
| 49504 | $295,000 |
| 49544 | $275,000 |
| 49509 | $265,000 |
| 49507 | $257,250 |
| 49548 | $199,990 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,300/mo |
| 1 Bedroom | $1,340/mo |
| 2 Bedroom | $1,610/mo |
| 3 Bedroom | $2,080/mo |
| 4 Bedroom | $2,300/mo |
Fair Market Rents are published annually by HUD for the Grand Rapids metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Grand Rapids, MI is currently $1,569/month, based on active rental listings across 12 zip codes. Median asking rents have decreased by -13.6% over the past 12 months.
Asking rents vary significantly across the city. ZIP 49525 has the highest median asking rent at $1,975/month, while ZIP 49548 comes in at $1,348/month.
Rental listings in the area spend an average of 42 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Grand Rapids metro area is $1,610/month. Current median asking rents are near or below the FMR for this area.
Grand Rapids is the Michigan city that's actually growing. While Detroit gets more attention, GR has quietly built a diversified economy around healthcare (Spectrum Health, now Corewell), manufacturing, and a craft beer and food scene that attracts young professionals. The East Hills, Heritage Hill, and Eastown neighborhoods are premium. The southeast and southwest sides are more affordable. Entry points are reasonable, and the rent-to-price ratios work. Michigan is a moderate state for landlord-tenant law. Grand Rapids doesn't have the name recognition of bigger markets, but the fundamentals are solid — population growth, job growth, and rents that cover the costs. It's a Midwest market with actual upside.
Want to look up rental comps and rent estimates for a specific property in Grand Rapids? PropMetrics lets you search any address and get detailed rental data instantly.
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What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.