Detroit has seen a boom in residential rental development in recent years; how are rent prices reacting? According to two different reports, rents have risen only slightly in the past 12 months, but have seen a large increase in the past month.
Both Apartment List and Abodo have released their July rental reports. Both sites post monthly trends in rental prices nationally and locally. While Apartment List uses metro numbers, Abodo uses city-specific data.
Compared to other major cities, Detroit rent prices are still far below the average. Apartment List has metro Detroit median rental rates for a one-bedroom at $690, with $890 for a two-bedroom. Abodo places their rates in the city at $566 for a one-bedroom and $647 for a two-bedroom. Even though the prices differ, both metro and city medians jumped last month.
For the metro region, according to Apartment List, prices have jumped .4 percent from June to July, with a 1.3 percent increase from this time last year. Here, we can see increases across the region.
In the city, Abodo reports that rent for a one-bedroom has increased 5 percent from June to July, with two-bedrooms increasing 6.07 percent.
Of course, rental rates fluctuate wildly across the Detroit, with higher rates in Midtown, downtown, Corktown, and increasingly West Village, New Center, and the North End.
Other large cities around the country like Chicago, Baltimore, and Minneapolis have seen slight decreases in rent, while Las Vegas, Orlando, Tampa, and Knoxville have all seen the largest increases this year, according to Apartment List. San Francisco, New York, San Jose, Oakland, and Boston have the highest rent in the country, with SF coming in at a median one-bedroom rate of $2,440. Yikes.