Median rents, rental comps, and market trends across 10 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
$1,657
Rent Change (YoY)
-16.1%
Avg Days on Market
57
Active Rental Listings
876
Median List Price
$327,450
Average across 10 zip codes
ZIP | Median Rent |
|---|---|
| 49546 | $1,900/mo |
| 49506 | $1,875/mo |
| 49525 | $1,825/mo |
| 49504 | $1,795/mo |
| 49503 | $1,532/mo |
| 49508 | $1,510/mo |
| 49505 | $1,499/mo |
| 49507 | $1,495/mo |
| 49512 | $1,385/mo |
| 49509 | $1,250/mo |
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| Unit Size | Median Rent |
|---|---|
| Studio | $1,065/mo |
| 1 Bedroom | $1,098/mo |
| 2 Bedroom | $1,393/mo |
| 3 Bedroom | $1,865/mo |
| 4 Bedroom | $2,323/mo |
Aggregated median across all Grand Rapids zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 49546 | $465,000 |
| 49506 | $455,000 |
| 49508 | $365,000 |
| 49512 | $345,208 |
| 49525 | $329,900 |
| 49505 | $325,000 |
| 49503 | $290,000 |
| 49504 | $279,900 |
| 49507 | $250,500 |
| 49509 | $240,000 |
| 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 $1,657/month, based on active rental listings across 10 zip codes. Median asking rents have decreased by -16.1% over the past 12 months.
Asking rents vary significantly across the city. ZIP 49546 has the highest median asking rent at $1,900/month, while ZIP 49509 comes in at $1,250/month.
Rental listings in the area spend an average of 57 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 above the FMR, which is common in growing markets.
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.
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Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
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