Michigan rental market data

Job conditions are uneven rather than broadly supportive. The median year-over-year job change across 26 measured metros was -0.6%, with the measured range running from -3.3% to 0.9%. County migration was also negative in aggregate: 230,666 people moved in, 239,241 moved out, and net migration was -8,575 across coverage for all 83 counties.

The income data provides a counter-signal. County AGI inflows were $5,078,923 versus $4,590,977 of outflows, a $487,946 inflow gap. Meanwhile, Traverse City, MI posted 2.5% job growth, Saginaw, MI posted 1.6%, and Muskegon, MI posted 1.0%. These observations support checking the employment base and renter profile of each target market; they do not support assuming that a positive pocket represents the state as a whole.

Across the 26 measured metros, median home-price growth was 5.9%, compared with 5.4% rent growth. The supplied metro rent-minus-price measure was -0.55 percentage points. The ranges are wide: price growth ran from 3.0% to 7.7%, while rent growth ran from 3.2% to 8.3%.

Some selected markets show the opposite pattern. In Mount Pleasant, MI, rents rose 11.6% while prices rose 6.9%; Holland, MI recorded 8.6% rent growth and 5.9% price growth; Muskegon, MI recorded 8.2% and 4.8%, respectively. That counter-signal makes current rent validation more important than relying on a statewide growth narrative. The packet does not establish whether the observed rent changes reflect lease renewals, asking rents, tenant turnover or property-level performance.

Measured metro resale liquidity is moderate at the median but dispersed. Months of supply had a median of 2.9, ranging from 2.0 to 4.5, and median days on market were 35 across 25 measured metros. The median share of listings with price cuts was 25.3% across 25 metros.

The selected examples show why exit assumptions need local evidence. Traverse City, MI had 4.7 months of supply and 42 median days on market, while Ann Arbor, MI had 2.4 months and 35 days. Cadillac, MI had 3.5 months and 35 days. The slower-market examples were Sault Ste. Marie, MI at 5.6 months and 87 days, Houghton, MI at 5.2 months and 86 days, and Hillsdale, MI at 3.8 months and 63 days. These are market-level resale measures, not guarantees of a rental property's sale speed or achievable price.

Gross yield is not uniformly high. The measured metro median was 5.9%, with a range from 5.3% to 7.6%. Median rent-to-income was 22.7%, ranging from 19.8% to 28.3%, and median rent was 110.5% of the HUD two-bedroom Fair Market Rent, with a range from 96.8% to 145.2%.

Houghton, MI illustrates the tradeoff: its selected gross yield was 10.7% while rent-to-income was 36.5%. Sault Ste. Marie, MI showed a 10.2% gross yield and 32.8% rent-to-income. Saginaw, MI was lower on both measures at 7.7% gross yield and 22.6% rent-to-income. These figures support screening for affordability, tenant qualification and collection risk alongside purchase price. Gross yield does not include taxes, insurance, repairs, vacancy, management or financing costs.

County housing conditions are difficult to summarize with one rental-supply assumption. The median county vacancy rate was 19.5%, with a range from 5.8% to 42.8%. The median renter share was 18.4%, the median share of renters paying at least 30% of income toward rent was 48.3%, and the median year built was 1975. The median housing mix was 81.4% single-family, 2.2% large multifamily and 7.3% mobile homes.

Selected counties show the dispersion. Lake County had a 61.4% vacancy rate and 59.1% rent-burden rate; Luce County had 39.6% vacancy and 57.3% rent burden; Houghton County had 24.2% vacancy, a 28.2% renter share and 56.6% rent burden. The packet's ACS vacancy measure does not identify how much vacant stock is rental-ready, available year-round or suitable for the target property type. Physical inspection and local rental comparables remain necessary.

The FEMA classification assigns inland flood as the leading hazard in 82 county areas and strong wind in 1. This is a mutually exclusive leading-hazard label, not a parcel-level flood or wind-exposure determination. The county climate-loss-ratio median was 0.09%, ranging from 0.07% to 0.13%.

Tax inputs vary more visibly across the measured counties: the median effective property-tax rate was 1.09%, with a range from 0.89% to 1.43%, and the median tax was $1,940, ranging from $1,457.60 to $3,171.60. Mecosta County had a 0.20% climate loss ratio, a 0.99% tax rate and $1,778 median tax. Ingham County had a 1.83% tax rate and $3,640 median tax, while Washtenaw County had a 1.52% tax rate and $5,678 median tax. The packet lacks property-level insurance, flood-zone, drainage and condition data, so these county measures should be treated as diligence flags rather than complete operating-cost inputs.