A Changing World: What to Look For in Grand Rapids, Michigan
Our world is quickly becoming something that slightly resembles The Jetsons. Technology has exploded over the past decade, the housing market has been a roller coaster, and the stock market has been a wild ride too. As the world changes around us, we must adapt with it or risk being left behind. Here are a few upcoming trends to keep an eye out for in Grand Rapids!
Everyone knows gas prices have skyrocketed over the past 10 years. Mass transportation channels, such as busing, use a lot of fuel to get to and from destinations. In order to protect our earth and save money, the Rapid (a major bus line in Grand Rapids) is looking to alternative fuels. Not only are they preparing for different fuels and renewable energy, but also incorporating more technology into the market. An example of this is “The Wave”, which is a smart card that users can use for busing. Being digital, any lost card can have the account recovered quickly and easily.
Autonomous vehicles are another trend to keep an eye out for in Grand Rapids. With companies like Google and Tesla releasing self driving cars, it won’t be long before we see taxis and other forms of transportation buzzing around the city. It will be a while before there are long distance self driving cars, but local routes could be covered but autonomous vehicles as early as the fall of 2019. The Grand Rapids Autonomous Mobility Initiative is a partnership with nine Michigan companies. The self driving buses will cover the west DASH route for one year, to start. If you keep an eye out, you can see them buzzing around today!
With around 200,000 residents, Grand Rapids is the second-largest city in Michigan. On top of that, the population is continually growing at the fastest rate in the country, creating a demand for real estate. The last 10 years have been an indicator of the real estate market, as the cost of buying a house has gone up. Renting is also more expensive than previous years. This bodes well for those who are interested in investing in the real estate market. Rising employment opportunities, education, and student housing has bolstered the real estate market as of late.
Right now, the median cost to rent is about $1400 per month. This number is currently slightly higher then the surrounding areas, and will continue to rise with the population increasing. The cost of purchasing a house is expected to increase by around 8% during this year. If you can afford to buy as an investment and rent it out, it would seem that now is the time to buy, before the prices skyrocket.
Commercial Real Estate and Businesses
Many new businesses are popping up all over the city. There have been numerous hotels erected, parking ramps for said hotels, and more. There will be a new movie theater downtown called Studio Park. This new community center will not only have the movie theater in it, but also a hotel, apartments, and shops. There will also be an expansive courtyard for community members to enjoy in the center of the complex. The hotel will have
The corner of Fulton and Ionia will boast a new triangular-shaped hotel soon as well. The Amway is undergoing a multi-million dollar renovation, there is a new Embassy Suites on the north side of downtown as well. Many small businesses are moving into the city with all of the new construction as well. The CWD has been busy at work expanding and building offices all over the city in preparation for the influx of commerce. New restaurants and bars have been opening up all over the city as well, check out bizebo.com to find them!
Stay Up To Date!
As Grand Rapids grows and develops its technology, real estate, commercial industries, and social atmosphere, it is important to stay up to date! By knowing what companies are up and coming around you, you can get a leg up on competition if you are a business owner, or get a good idea of what new attractions you can find in Grand Rapids. The housing market is going to continue to grow as more people want to move into Grand Rapids and the surrounding areas, so if you are going to invest and rent, do it soon to maximize returns.
The hotel industry in the city will continue to expand as well. If you have skills that may benefit you associated with them, utilize them. The world is always changing and growing, make sure you don’t fall behind and get out of touch. By being aware of the city’s changes, you can get the most out of this vibrant and alive city! Don’t forget to give the self driving buses a try too.