The average rent price in the Michigan region has had a strong fall in recent months. There has been a strong fall in the rent prices in this region.
The price per sq.feet in Michigan has fallen considerably in the last 6 months. During July, the average price per sq.feet was $3.82. The following month (August) the price had a considerable fall reaching $1.15 per sq.feet. The following two months (September, October) went through a considerable fall of 53 % in the rent price per sq.feet with regard to the previous two. In the last two months, the price per sq.feet has had a significant fall of 61 %. This has been obtained by comparing the price of $1.89 for the first four months of the sample with regard to the previous 4 months and the price of $1.15 per sq.feet for the last two months (November, December).
When referring to the price in Michigan(region), this has risen in the last 6 months. The average rent price in July is $1,077. In August the price rose to $1,214. The average price for the following two months (September, October) rose from $1,145.5 to $1,300.5. During the last two months the price has gone down 92 % compared to the previous average values going from $1,223 a $1,121.5 in November y December.
The graph displaying the the average rent price per number of bedrooms shows that those with 1 bedroom are the most affordable ones. They are 17 % cheaper than the average price in Michigan followed by those with 2 with an average price of $1,127. The most expensive properties have 4 bedrooms. They are 53 % more expensive than the average followed by those properties with 3 bedrooms priced at $1,202.
Based on the average price per sq.feet those properties with 4 bedrooms are the most affordable ones with a price of $0.96 / sq.feet being $1.15 / sq.feet the average for Michigan. The properties with the highest average price are those with 1 bedroom. These are 33 % more expensive than the average followed by those with 2 bedrooms with a price of $1.19 / sq.feet.
The graph displaying the average rent price according to the property type shows "" as the most affordable one. With an average cost of $1,068 it is 7 % cheaper than the average in Michigan. This is followed by "Condo" with a cost of $1,057. The most expensive property type is "Commercial" and is 42 % more costly than the average, followed by "House" with a cost of $1,236.
Based upon the average cost per sq.feet the most affordable property type is "Condo with a an average price of $0.95 / sq.feet, followed by "Commercial" with a price of $1 / sq.feet. "House" with an average price of $1.41 / sq.feet is the most expensive type of property followed by "Commercial" at a price of $1 / sq.feet.