The rent prices in real estate in Traverse City, in the Michigan region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Traverse City has had a strong fall during the last 6 months. In March, the average price per sq.feet was $7.8. In the following month the price per sq.feet fell considerably to $6.2. The price for the following two months in (May, June) had a considerable fall of 78 with regard to the previous two months. The price per sq.feet has had a considerable fall of 22 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $6.22 to $1.36 during July, and August.
When referring to the price in Traverse City (cities), this has fallen considerably in the last 6 months. In our first sample month during March, the average price is $1,948. In April This price remains at $1,861. During the following two months (May, June) the average price fell 89 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from $1,799.75 to $1,463, which means a 81 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $1,468 they are 21 % more affordable than the average price for Traverse City . The properties with the highest average price have 4 bedrooms, Their price is 50 % more expensive than the average. After that we have properties with 3 bedrooms priced at $1,617.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $0.85 / sq.feet, with an average $1.32 / sq.feet price in Traverse City. The properties with the most expensive average prices have 1 bedroom. They are 27 % more expensive than the average followed by properties with 2 bedrooms with a price at $1.41 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $1,468 it is 10 % more affordable than the average price in Traverse City. "House" is seen as the second most affordable property type. The most expensive property type is "Land" followed by "House". At a price of $1,396 it is 19 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Land" at an average price of $1.09 / sq.feet followed by "House" priced at $1.5 / sq.feet. "House" is the most expensive type of property with a $1.5 / sq.feet value followed by "Land" with an average price of $1.09 / sq.feet.