The High Cost of Rent In Michigan: The Struggle Is Real

News flash: everything is expensive. You see it at the pump. You feel it at the grocery store. If you find yourself in need of a place to live, well that is economically challenging too. Lansing is a college town, but still. We all seem to be paying student rates or higher. Michigan isn't the worst, but it still isn't cheap. You can see where the mitten ranks here.

Go back a few years and you could find a nice studio for less than $800. Not anymore. If you want flooring, stainless appliances, and more energy efficient, you will pay what feels like a premium. Did you know that your rent should not be more than 30 percent of your income? Michganders are paying above that and have been pre pandemic. The average rent in Lansing is $1023 a month and that is not for a luxury spot.

So why is this happening? Three words. Fair market rent. Ever hear of it? It is the common practice that apartments use in determining how much to charge. By definition, how much rent a property can charge at a given time. The amount is determined by how much renters are able and willing to shell out for a crib.

You might be thinking, "the place I looked at hasn't been upgraded since 96!" You might be correct. Whenever you see one of these brand new apartment complexes going up, so will rent everywhere. They can't charge what the brand new spot can, but they can certainly charge more than they should. Fair market doesn't really sound too fair now does it? Until that changes, maybe your parent's basement is not the worst option. You can even call it your command center or some other catchy name.

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