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Old 02-29-2016, 10:29 AM
 
Location: Michigan
4,571 posts, read 7,196,517 times
Reputation: 3605

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Quote:
Originally Posted by EastBoundandDownChick View Post
They seem to be focusing primarily on luxury residences. The group that is most driven to move there is the Millennial generation. Most of them can't afford $1,500+ rents. I'll never understand these greedy developer types...
Not necessarily. There's many DINKs and young single professionals who make more than enough to afford these rents. Most of these kind of people don't really have a need/want for big suburban houses and don't need to worry about school kids at their point in their lives. Rents wouldn't be going up if there weren't people who couldn't afford to pay them.
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Old 02-29-2016, 10:45 AM
 
Location: Windsor Ontario/Colchester Ontario
1,524 posts, read 1,432,660 times
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Quote:
Originally Posted by citylover89 View Post
I agree with some that the "booming" description is an exaggeration. However, I do think that there have been a lot of improvements in the city of Detroit, especially compared to 2007-2009 recession. I remember when I came back here to visit, Downtown/Midtown was a ghost town back then. I hope that there are more positive improvements in the future. I am seeing a lot of new festivals and creative things cropping up Downtown/Midtown. As a creative type, that is pleasant to see.

People can always find a reason to be negative, it's true. Cities like LA, Austin, Denver and NYC are hot places to live and tons of people hate those places too. Detroit is due for a PR change but that has to be earned at this point. That's reality. The population of the city is still decreasing, although it seems to be slowing, which is a good sign. I really wish that Detroit could find an unique niche besides the auto industry, which contributed to it's decline.
Would any other city wish to get rid of their main industry? It's ridiculous to think so. Yes, the auto industry declined, and this hurt the area, but it is also what is helping the region gain jobs again. The industry also has many well paid tech jobs now, not just factory jobs. Also, Detroit already has a very robust health and education sector that is doing very well. Detroit is not a one industry town, As many believe, it has many other fields that are growing, it's just that the auto industry is still tops!
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Old 02-29-2016, 03:42 PM
 
Location: Michigan
4,571 posts, read 7,196,517 times
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Quote:
Originally Posted by North 42 View Post
Would any other city wish to get rid of their main industry? It's ridiculous to think so. Yes, the auto industry declined, and this hurt the area, but it is also what is helping the region gain jobs again. The industry also has many well paid tech jobs now, not just factory jobs. Also, Detroit already has a very robust health and education sector that is doing very well. Detroit is not a one industry town, As many believe, it has many other fields that are growing, it's just that the auto industry is still tops!
I think the fear is that the auto industry (and manufacturing in general) is pretty vulnerable to recessions and consumer habits. Other industries like health, education, government, and IT tend to be pretty recession proof and don't follow the cyclical ups and downs of an economy.
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Old 03-06-2016, 02:57 PM
 
Location: Chicago
909 posts, read 815,164 times
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Quote:
Originally Posted by animatedmartian View Post
Not necessarily. There's many DINKs and young single professionals who make more than enough to afford these rents. Most of these kind of people don't really have a need/want for big suburban houses and don't need to worry about school kids at their point in their lives. Rents wouldn't be going up if there weren't people who couldn't afford to pay them.
DINK types who can get apartments for half or three quarters of those prices in places like Royal Oak or Farmington Hills will continue moving to those places instead. People in Metro Detroit have been raised to expect low, low rents... even in $70-80k two person households there is an expectation that they should be able to live well for around $800 a month in an apartment.

I work with a lot of the types of people you're talking about and I'm starting to hear a lot of pushback to rental costs in Detroit... a girl I work with is leaving Detroit for the burbs because rents are going up in her building and, in her words, "if I'm going to pay Chicago prices, I want Chicago". Now, that's a rose tinted view of the Chicago housing market, but I think it does indicate that there are still limits in a city that still lags well behind others nationally in terms of what it can offer.
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Old 03-07-2016, 10:52 AM
 
1,817 posts, read 2,247,111 times
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Quote:
Originally Posted by brodie734 View Post
DINK types who can get apartments for half or three quarters of those prices in places like Royal Oak or Farmington Hills will continue moving to those places instead. People in Metro Detroit have been raised to expect low, low rents... even in $70-80k two person households there is an expectation that they should be able to live well for around $800 a month in an apartment.

I work with a lot of the types of people you're talking about and I'm starting to hear a lot of pushback to rental costs in Detroit... a girl I work with is leaving Detroit for the burbs because rents are going up in her building and, in her words, "if I'm going to pay Chicago prices, I want Chicago". Now, that's a rose tinted view of the Chicago housing market, but I think it does indicate that there are still limits in a city that still lags well behind others nationally in terms of what it can offer.
I have to begrudgingly agree with you. Much of Downtown Detroit is still pretty deserted after work hours and a few sections of downtown are barren (Lafayette at 6th and Grand River at Cass). The retail options are still very limited. The number of vibrant neighborhoods surrounding downtown is very limited.

One day, when Downtown becomes even more of an office, residential, restaurant & retail center, when the new Arena District is built up, when neighborhoods like the North End, New Center, East/West Riverfront, Milwaukee Junction, and Eastern Market are hopping with restaurants, bars, shops, boutiques, art galleries, when another streetcar or two is built (along Michigan or Jefferson or Gratiot), when Belle Isle is fully restored, and when the Riverwalk is completed, will I understand the justification for these exorbitant rental rates and condo prices.

That being said, there are still PLENTY of affordable apartments in older buildings in Midtown. For example, the Addison Apartments

Last edited by usroute10; 03-07-2016 at 11:01 AM..
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Old 03-07-2016, 12:39 PM
 
Location: Detroit
3,668 posts, read 4,741,905 times
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The only reason why the rents are that high right now is because the demand far outweighs the supply (hence the waiting list). Pretty much the same reason why rents are expensive in Chicago, or NYC, or SF. The amenities these places offer in their downtown area create the demand for rent to go up. But as there are alot of residential projects in the works in the downtown area right now, I'm sure it will balance itself out until demand goes up again. And "US Route" is right, there are plenty of apartments near downtown that are still affordable.
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Old 03-31-2016, 03:25 PM
 
10,036 posts, read 7,666,514 times
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Quote:
Originally Posted by North 42 View Post
I find it pretty funny that you think nobody wants to live in Detroit, yet it's virtually impossible to find an apartment, house or condo in DT, Midtown and Corktown due to very, very low vacancy rates.
It took all of 5 seconds to google downtown detroit rentals and to get a long list of available apartments starting from $729 (and that's in a luxury doorman highrise).

Lafayette Park Apartments for Rent | Detroit, MI

Seems that downtown apartments are cheap and plentiful. What am I missing? That $729 apartment would be $3500 in NYC.
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Old 03-31-2016, 04:50 PM
 
Location: Michigan
4,571 posts, read 7,196,517 times
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Quote:
Originally Posted by NOLA101 View Post
It took all of 5 seconds to google downtown detroit rentals and to get a long list of available apartments starting from $729 (and that's in a luxury doorman highrise).

Lafayette Park Apartments for Rent | Detroit, MI

Seems that downtown apartments are cheap and plentiful. What am I missing? That $729 apartment would be $3500 in NYC.
That building only accepts applicants who can pay 2.5 times the stated rents which is roughly inline with what's typical downtown these days. Also "luxury" is more or less just a selling gimmick that means it has most basic amenities (the actual quality of such apartments is not what most would consider luxury). It's also very common for management companies to list apartments that are not currently available and if you called to many of the apartments around Downtown Detroit, you'd find they'd have waiting lists or availability far above budget.
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Old 03-31-2016, 05:29 PM
 
Location: Chicago
909 posts, read 815,164 times
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The Fyfe is about the only building downtown that can be really called budget in any sense.
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Old 03-31-2016, 07:09 PM
 
10,036 posts, read 7,666,514 times
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Quote:
Originally Posted by animatedmartian View Post
That building only accepts applicants who can pay 2.5 times the stated rents which is roughly inline with what's typical downtown these days.
OK, and?

The vast majority of legitimate landlords have income requirements for renting a place, and 2.5 is hardly a tough ratio, especially when we're talking $700 rent.
Quote:
Originally Posted by animatedmartian View Post
It's also very common for management companies to list apartments that are not currently available and if you called to many of the apartments around Downtown Detroit, you'd find they'd have waiting lists or availability far above budget.
So you're claiming that landlords are wasting money advertising/listing apartments that don't exist? They are listing specific apartment units, with specific rents, and paying good money to do so.

There's really a conspiracy afoot among all downtown landlords to not rent apartments in a rational and profit-oriented manner? LOL

Hey, if you wanna believe that, go for it. The fact is that downtown Detroit has lots of affordable apartments available, which is readily evident just spending a few seconds searching online.
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