A city with so much vacancy means apartment searching is crazy-super-easy right? No. It's about as hard as using street parking downtown without getting a ticket. (Detroit has plenty of real estate for sale, making for a high vacancy rate, but not much for rent. Midtown and downtown, the most desirable areas for renters, are pretty full). Midtown is getting 58 new apartments in the fall thanks to The Auburn but it's not enough to meet demand. James Van Dyke of the Roxbury Group, (developer of the Auburn) explains that studies showed demand outstripping supply by 5000 units just in downtown. “We’d have to produce a 1000 new units a year to even begin to reach that number. And we’re nowhere near that yet.” [Citiwire]
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