New Data Says Rents Rose 9.3% In Just One Year In The City Of Detroit
Remember how less than three years ago it was all the fashion to talk about buying a $500 house in Detroit? According to a new set of data released by RentCafe, today that might get you a little more than two weeks of rent. The average monthly rent in the city is now $932 per month. That’s a 9.3 percent hike from 2015. At least that’s the case for market rate rentals. RentCafe says part of the reason is constricted supply, with just 192 new units coming online in 2016. To give perspective,...