Downtown housing market leans towards rentals

Developers are finding the downtown rental market remains strong, and is acting as a testing-ground for future condo buyers.

Excerpt:

In downtown Detroit, [Jon Grabowski, president of Esquire Properties] called the rental market “low-hanging fruit” with a steady supply of younger renters who can afford $1,200 a month rental payments but aren't quite ready for ownership.

Downtown's rental inventory includes newer developments like the Kales Building and Merchant's Row as well as large older developments such as Riverfront Towers and Millender Center. Hendricks & Partners estimates downtown Detroit apartment occupancy at more than 93 percent.

“We need that mix of condo owners and the rental pool,” Grabowski said. Esquire, in fact, plans to open a new Woodward Avenue office that will promote both for-sale housing and rentals.

Read the entire article here.
Enjoy this story? Sign up for free solutions-based reporting in your inbox each week.