Grand Rapids and Kalamazoo are experiencing usual slowdown in leasing activity due to the winter season. The prime Grand Rapids leasing window seemed to be much shorter this year than in prior years. We usually see a lot of leasing activity through September, by August we were feeling the Days On Market(DOM) drag.
Here in Grand Rapids, we are seeing certain areas (like Heritage Hill) being hurt by brand new units coming on board. Every new unit dilutes the market. We are at about 45-60 days on market and prices are falling back to ranges that we had 3 years ago.
As a recap from our leasing blogs this month, there are a number of things you can do to put your unit at the front of the available units pack:
More prospects are calling and being very pushy about the asking rents being too high. Keep an eye on this as it may be a symptom of something to come.
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