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Wednesday, March 6, 2019

Is rent getting too damn high? Detroit's apartment rates spike

Posted By on Wed, Mar 6, 2019 at 1:53 PM

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The cost of renting an apartment in Detroit is sharply increasing and displacing long-time residents as young, predominately white professionals continue to flock to downtown, Midtown, Corktown, New Center and the riverfront.

A new report shows rental rates in Detroit increased more than 15 percent from March 2018 to February 2019.

Of the nation’s 100 largest cities, Detroit led all but two with the steepest rate hike – 15.1 percent – for one-bedroom apartments. Memphis, Tenn., and Lincoln, Ne., led the nation with 15.9 percent and 15.5 percent increases, respectively, according to the Zumper National Rent Report. For two-bedroom apartments in Detroit, rates jumped 15 percent, slightly higher than Boise, Idaho; Lincoln, Ne., Provide, RI, and Oakland Calif., all of which saw increases between 15.2 percent and 15.7 percent.

By contrast, rental rates nationwide rose an average of 2.2 percent for one-bedroom apartments and 3.2 percent for two-bedroom apartments.

In a quarter of the cities, rental rates declined.

Despite the increases in Detroit, the city's average rent is still among the lowest in the nation at $610. But that's quickly changing in and near downtown and Midtown, where the flow of new residents is creating a greater demand for housing.

For many lower-income residents, rising rent is forcing them to leave apartments that have for decades offered affordable rates.

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