Grand Rapids, MI
Top Reasons to Invest in Grand Rapids
Employment: The Greater Grand Rapids market has received a powerful boost from
the medical services industry. The West Michigan market has been energized and fueled by the amazing growth of the medical services industry. Approximately $875 million of new projects are either recently completed or under construction.
Construction: Developers will complete 2,000 rentals in 2012, approximately the same number as last year. Approximately 14,000 rentals are planned, marking a slight increase from 13,100 rentals at the end of 2011.
Vacancy: Renters make up 36.14% of the Grand Rapids, MI, population. 7.64% of houses and apartments in Grand Rapids, MI, are unoccupied (vacancy rate).
Rents: The average apartment rent over the prior 6 months in Grand Rapids has increased by $81 (12%)One bedroom units have increased by $30.5 (5%) and two bedroom apartments have increased by $76 (12%)
The unemployment rate in Grand Rapids, MI, is 6.20%, with job growth of -0.67%. Future job growth over the next ten years is predicted to be 32.46%.
The city is located on the Grand River about 25 miles east of Lake Michigan. Grand Rapids is Michigan's second largest city with a metropolitan population of 1,302,372 with a housing density of 1747 houses/condos per square mile. Approximately 40% of the population rents their homes in Grand Rapids compared to 26% for the state of Michigan overall. Most apartments in Grand Rapids are 1 or 2 bedroom units and have a gross median rent of $639 per month. Grand Rapids is noted for it's affordable quality of life and affordable health care costs.
Medical Mile - This multi-billion dollar section of Michigan Street has transformed the heart of downtown Grand Rapids into a world-class health care destination. It is home to the area's premier clinical, research, and academic institutions. Grand Rapids is home to the Secchia Center medical education building, a $90 million, seven-story, 180,000-square-foot facility, at Michigan Street and Division Avenue, part of the Grand Rapids Medical Mile. The building is home to the Grand Rapids Campus of the Michigan State University College of Human Medicine. This campus trains medical students through all four years of their medical education. The state-of-the-art facility includes clinical examination rooms, simulation suites, classrooms, offices and student areas.
The area's largest employers include: Alticor, Haworth, Herman Miller, Johnson Controls, Meijer, Spectrum Health, Wolverine Worldwide and Zondervan.
As of 2006, the total population of Grand Rapids was 194,341. Kent County population was 599,667. Total population in the seven-county service area (CSA) was 1,323,287.
Employment: The Greater Grand Rapids market has received a powerful boost from
the medical services industry. The West Michigan market has been energized and fueled by the amazing growth of the medical services industry. Approximately $875 million of new projects are either recently completed or under construction.
Construction: Developers will complete 2,000 rentals in 2012, approximately the same number as last year. Approximately 14,000 rentals are planned, marking a slight increase from 13,100 rentals at the end of 2011.
Vacancy: Renters make up 36.14% of the Grand Rapids, MI, population. 7.64% of houses and apartments in Grand Rapids, MI, are unoccupied (vacancy rate).
Rents: The average apartment rent over the prior 6 months in Grand Rapids has increased by $81 (12%)One bedroom units have increased by $30.5 (5%) and two bedroom apartments have increased by $76 (12%)
The unemployment rate in Grand Rapids, MI, is 6.20%, with job growth of -0.67%. Future job growth over the next ten years is predicted to be 32.46%.
The city is located on the Grand River about 25 miles east of Lake Michigan. Grand Rapids is Michigan's second largest city with a metropolitan population of 1,302,372 with a housing density of 1747 houses/condos per square mile. Approximately 40% of the population rents their homes in Grand Rapids compared to 26% for the state of Michigan overall. Most apartments in Grand Rapids are 1 or 2 bedroom units and have a gross median rent of $639 per month. Grand Rapids is noted for it's affordable quality of life and affordable health care costs.
Medical Mile - This multi-billion dollar section of Michigan Street has transformed the heart of downtown Grand Rapids into a world-class health care destination. It is home to the area's premier clinical, research, and academic institutions. Grand Rapids is home to the Secchia Center medical education building, a $90 million, seven-story, 180,000-square-foot facility, at Michigan Street and Division Avenue, part of the Grand Rapids Medical Mile. The building is home to the Grand Rapids Campus of the Michigan State University College of Human Medicine. This campus trains medical students through all four years of their medical education. The state-of-the-art facility includes clinical examination rooms, simulation suites, classrooms, offices and student areas.
The area's largest employers include: Alticor, Haworth, Herman Miller, Johnson Controls, Meijer, Spectrum Health, Wolverine Worldwide and Zondervan.
As of 2006, the total population of Grand Rapids was 194,341. Kent County population was 599,667. Total population in the seven-county service area (CSA) was 1,323,287.