Big Demand Forecast For Greater Downtown Detroit Residential Properties
Neighborhoods within greater Downtown Detroit are forecast to see a demand for 10,000 new residential units during the next five years, the Detroit News reports, citing a study published recently by the Downtown Detroit Partnership. The prediction includes demand for both market-rate and affordable-housing units, and for-sale and for-rent options.
“We’re seeing a continued demand for residential units, and that demand is increasing faster than the current supply of available units,” Downtown Detroit Partnership CEO Eric Larson said in a statement. “There is a great opportunity in the city for developers for both market-rate and affordable units.”
The Greater Downtown Residential Market Study covers a number of neighborhoods besides Downtown. These include Corktown, Eastern Market, Lafayette Park, Midtown, New Center, Rivertown, Woodbridge and TechTown.
The study also reported that average multifamily rent in the greater Downtown area is $1,703/month for an 862 SF unit. The average price for a 1,273 SF for-sale unit is $338,263.