||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
Michigan Rental Market Overview
Low Entry Costs Spur Interest and Investments throughout Michigan
When it comes to Great Recession tales of woe, the media seem to beat up on Michigan more than most states. In 2009 when Michigan's GDP contracted to 9%, many media outlets pointed out that this was the most significant in America. The same year the state unemployment rate reached the highest in the nation--14.2%. In 2013 HIS Global Insight forecasted that Michigan is one of three states that will require at least a decade or more to recover employment numbers that resemble pre-2008 economic statistics. Thankfully bad economic news, especially aging economic news, attracts investor interest, especially when new data contradicts the trend. In 2010 management, professional and service workforce in Michigan increased by a modest 2% according to the U.S. Census Bureau and American Community Surveys. In 2013 Seidman College of Business Professor Paul Isely revealed evidence of slow but steady increases in employment in Michigan's health and manufacturing sectors throughout West Michigan. Despite severe weather in early 2014, Realtor.com noted upticks in median list prices for properties in Detroit, Ann Arbor and the Grand Rapids-Muskegon-Holland regions.
What is the Best Strategy for Landlords in a Recovering Real Estate Market?
If you're a small or independent landlord fortunate enough to retain reliable tenants throughout the Michigan recession, you probably worked hard to maintain tenant satisfaction and property appeal. If you have a reasonable amount of liquidity, you might be considering additional property purchases at remarkably low entry points. Just remember that low entry investments do not equate with low risks. If you're unfamiliar with the market or have concerns about balancing your workload between multiple rental properties, consider discussing your options with a Michigan property management company. Many property managers throughout Michigan field these sorts of questions on a daily basis, especially as interest in distressed and Class B properties continues to grow. Learn more today. Review our property management profiles and request your free information.