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Lansing, MI Rental Market Overview
Aggressive Revitalization and Plenty of Business Incentives in Lansing
Not long ago Forbes Magazine published a list of the top 30 worst cities for job growth in the United States. While nine Michigan cities appeared on the list, Lansing was not one of them. That's because Lansing is one of the leaders in Michigan's ongoing urban revitalization efforts. Traditionally Lansing was always associated with the American auto industry, but as the capital of Michigan, the city offers more employment stability through jobs offered by the state government and nearby Michigan State University. In the last three years more than $600 million in private investments were made to revitalize businesses in downtown as part of a push to create a Midwest hub for financial services, establishing a new national headquarters for Accident Fund Insurance Company of America, Auto Owners Insurance and Jackson National Life Insurance Company. Civic and state leaders will tell you that this is just the beginning--and they're right.
Patience and Smart Business Sense are Keys for Small Landlords
While quasi-governmental agencies like the Lansing Economic Development Corporation paint a promising picture for Lansing's future, the city's optimistic rebirth won't be complete for several years, and a surplus of Lansing vacant rental properties will contribute to the decline of rental property revenue. Â Seasoned Lansing real estate professionals will remind you that it's been worse, in 2005 the rental vacancy rate was 12.27%. Seven years later the vacancy rate is down to 7.5%. The United States Census Bureau's American Community Survey recently noted that Lansing's Real Gross Rent improved 0.82% over the last year, which stands apart from previous declines and offers some hope to patient property investors. In this economic environment it's important to maintain the curbside appeal of your investments while containing operations costs. Assess the effectiveness of attracting potential tenants through your marketing campaigns. The real estate professionals at property management companies in and around Lansing understand these and other concerns in a challenging economy. Take a moment to review our property management profile pages and request your free instant quote today.