Welcome to the February 2023 Lansing Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the February 2023 key findings and figures for the Lansing rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Lansing and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Lansing average rent prices in the chart below.
Lansing rent prices increased over the last month. From January to February, the city experienced a 0.66% increase for the price of a one-bedroom apartment. The rent price for a Lansing one-bedroom apartments currently stands at $762.0.
When we take a look at the two-bedroom comparison from January to February, Lansing experienced a 1.97% increase for the price of a two-bedroom apartment. The rent price for a Lansing two-bedroom apartments currently stands at $930.0.
Rent prices have increased in Lansing over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Lansing suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in East Lansing, MI, Okemos, MI, Holt, MI .
Rent decreased in Cortland, NY, Haslett, MI.
4 suburbs are currently priced higher than the city of Lansing.
1 suburb is currently priced lower than the city of Lansing.
Rent growth in Lansing over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Lansing average rent prices appear to be relatively affordable for local residents.
The price for a Lansing one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
For more information about Lansing and surrounding area rent prices, take a look at the complete data set below.
|1 BR February||1 BR M/M % Change||2 BR February||2 BR M/M % Change|
|East Lansing, MI||$858.0||1.78%||$1,274.0||3.83%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.