Top City Searches in Michigan
Michigan: The Great Lake State
With an estimated 10,077,331 residents, Michigan is the 10th-most populous state in the United States. Lansing acts as the capital city, while Detroit is the largest by population. The Straits of Mackinac separates Michigan into two peninsulas, which are then connected by the Mackinac Bridge, making it the only state in the nation to be divided into two areas. It is also bordered by four of the five Great Lakes and is home to almost 65,000 inland ponds and lakes.
Aside from its incredible aquatic attractions, Michigan is also known for its automotive industry. In fact, the nation's top automobile companies are based in Michigan — General Motors, Ford, and Chrysler. Colleges and universities located here include the University of Michigan
, Baker College
, Michigan State University
, and Wayne State University
Michigan also has a vibrant arts and culture scene. There are several performing arts institutions and venues in the state, including the Fox Theatre
, the Detroit Opera House, the Fisher Theatre, Orchestra Hall
, the Detroit Symphony Orchestra
, the Michigan Opera Theatre
, and Grand Rapids Ballet
. There are also numerous museums here such as the Detroit Institute of Arts
, the Henry Ford Museum of American Innovation
, and the Motown Museum
Other attractions include the Sleeping Bear Dunes National Lakeshore
, Mackinac Island
, the Pictured Rocks National Lakeshore
, Isle Royale National Park
, the Detroit Zoo
, and the Frederik Meijer Gardens & Sculpture Park
Examining Michigan's Rental Market
Michigan has a flourishing rental market. The median sale price for a home in this state is $230,000, representing a 7.7% increase year over year. It is also home to many renters. In fact, renters make up 28.8% of the state's population.
Image via towncharts.com
In addition to this, Michigan has a decent rental rate, making it attractive to landlords. The median rent was $888 in 2019, though the rate has been climbing up since 2012. In comparison, the national median rent in 2019 was $1,097.
Image via deptofnumbers.com
Apart from that, the Great Lake State also boasts a reasonable vacancy rate. In 2019, the state vacancy rate was 5.56%, whereas the national vacancy rate was 5.97%. Michigan also has a favorable environment for rental property owners. State legislation is relatively friendlier to landlords, with few restrictions on fees and rent.
How Michigan Property Management Services Can Help
There is no denying that Michigan has a good rental market. The Great Lake State welcomes many new residents looking for homes to rent, presenting a lucrative opportunity to property investors. However, buying a rental home is just the beginning.
As a rental property owner, you have to fulfill a wide array of landlord duties. You have to do everything from marketing your property to fielding tenant concerns. For someone with little to no time or experience, property management is certainly a tall order. If you can't manage it alone, a Michigan rental management company can step in.
A professional company can save you the trouble of rental property management. What can a rental management company do for you?
- Advertise your listing
- Find you tenants
- Screen potential tenants
- Show the property to applicants
- Draw up lease agreements
- Enforce lease terms
- Set and collect rent
- Maintain the property
- Make necessary repairs
- Answer tenant concerns
- Process evictions if needed
- And more!
Looking for Property Management in Michigan?
Finding a property management company in Michigan can be difficult if you don't know where to begin. Rental Choice aims to make the process easier for rental property owners like you. Using our online directory
, you can search for property management companies in your city or state. Trust that our online database only lists reliable and experienced companies to help you manage your rental property.