Grand Rapids vs Nearby Cities
Grand Rapids is located in the west-central region of Michigan and offers some of the more reasonable real estate prices in the state. The median home value tends to stay below $150,000, and the median listing price can get close to $150,000 when consumer demand is high. It’s common for buyers to pay less than $100 per square foot in many Grand Rapids neighborhoods. These prices are comparable to those seen in many surrounding cities like Wyoming, but there are some towns with much higher prices. For instance, the median listing price in Forest Hills can go well beyond $400,000 with a median home value above $300,000.
Grand Rapids Property Managers
A property manager is an experienced real estate professional capable of taking over the daily operations of a rental property on behalf of the owner. A manager communicates with tenants and oversees property maintenance and repair, and they may handle advertising, accounting and other matters required for a thriving rental property business.
Grand Rapids Property Management Company Fees
You can expect to pay a property manager up to 15 percent of the rent collected from your tenants. There are often additional expenses that the owner must cover, such as operational costs for repairs and maintenance. Many managers will add on charges for advertising, accounting or tasks that require a lot of paperwork, background checks and other expenses.
Michigan Landlord/Tenant Laws
- Oral rental agreements are only valid for lease terms of less than one year.
- Michigan landlords may prohibit smoking in a rental unit.
- While landlords are entitled to forbid pets in a rental unit, they must allow disabled tenants the use of a service animal when needed.