Q3 Research & Forecast Report
The Grand Rapids metro is the 51st largest MSA in the United States. The city’s economic base is diverse but is led by health care, manufacturing, and professional services. This has led to a current employment base of over 700,000 which has steadily grown over the last 10 years, totaling a growth of over 14%. The current state of the global pandemic caused unemployment to rise to 22% in Q2 2020, with the unemployment reducing to 7% in Q3 2020. Rents held steady this quarter as completions slowed and population growth brought demand. Economic and multifamily fundamentals support future strength relative to other markets, as household income and employment lead the region.