Report: Metro Detroit sees 175% increase in rentals over last year
Construction has been booming in Detroit these past couple years. A majority of that construction has been in housing, and even more so rentals. A new report from RentCafe shows the metro areas around the country building the most apartments, and while metro Detroit is pretty far down the list, we’re showing a steep increase from last year. 175% increase, to be exact, adding 1,615 new rentals to the market in 2017. Of the new rentals available, 785 are in the city.
That’s up from 587 new units across the metro area last year.
Nationwide, 346,310 new apartments units are coming online this year, reaching a 20-year high.
As far as metro areas are concerned, New York City leads the way with over 26,000 new rentals available this year, followed by Dallas and Houston. LA and Miami round out the top five.
Metro Detroit is actually toward the bottom of the list in new rentals, but still showing growth over last year.
Where can we expect the new rentals in Detroit? We’ve seen new developments along the Riverfront and Lafayette Park open this year, specifically Orleans Landing and DuCharme Place. 28 Grand should be opening soon downtown, along with some other loft projects. In Midtown, the Plaza will offer higher end apartments with views.
The full report can be read here.