GRAND RAPIDS, Mich. (WOOD) — A new report by the group Self Financial shows that Grand Rapids has the 13th largest increase in rental prices over the past decade in the United States.

The report shows that rental prices in Grand Rapids have increased by nearly 40% over the past 10 years and a two-bedroom apartment costs an average of $1,022 a month, which is up 36% since 2010.

Officials with Colliers West Michigan, a real estate agency in the area, say that the population in Grand Rapids has also increased, so rental prices going up is normal with supply and demand.

They also add that most of the new developments have been downtown, which leads to higher construction prices and closer access to events in the city.

Even though prices are increasing, they believe people are still getting their money’s worth because of all of the opportunities in the area.

“For our money, I think West Michigan really is at the top of that list and as you start to see real estate prices and rental prices reflect that. That’s just the nature of the beast,” said Matt Jones, the associate vice president of Colliers West Michigan.

The full report can be viewed online