Q: I need a place to rent for a short term – what are my best options?
A: Today’s market has created a new scenario not seen a few years ago – the need for a short term rental….Typically this comes up in 2 scenarios:
1. My home is sold – where can I now go temporarily while I find my next home (or while our builder finishes building our new home.)
2. I am relocating to the area and need a place to stay for 30, 60, 90 days while I find a home to purchase, where can I stay?
…..There are some negotiation tactics that can be used to minimize your need for scenario #1 above – however not always…..
Both of these instances create a need for temporary housing. Now typically the thought is – “John, I get it – I need to get a rental….” However what people don’t often realize is that Grand Rapids is the number 1 ranked rental market in country FOR INVESTORS. What does that mean for potential renters? It means landlords are not usually willing to negotiate. It means a very low number of openings and it means tough competition for those open rentals. It means higher prices and almost no acceptance of short term leases (less than 12 months.)
So now what? Well there is a whole market based on the need for a short term rental; the temporary housing market. Is it a great solution for the long term? No typically you are paying premium to have flexibility to leave in 2 weeks, 30-120 days etc…However it does beat paying for a hotel room for that amount of time or not having a roof over your head at all. So if you find yourself in this situation or one of your options may point you in that direction, here are some options to consider:
When searching for housing in the Grand Rapids and greater West Michigan area, these are some great options to consider as a part of the overall plan. As always reach out to me with your questions and together we can craft the best possible strategy and solution.