The rental apartment market in Detroit is showing continuing improvement despite the growing housing market, according to the Detroit Free Press.
A new survey released by the nonprofit groups D:hive and Downtown Detroit Partnership showed what many Detroit residents already knew: that it's difficult to find an available apartment in the center of the city. According to Jeff Aronoff, the executive director of D:hive, occupancy rates for 26 of the major apartment developments in the downtown area hover at approximately 90 percent, and rental property managers are experiencing high levels of rental applications.
In response to the tightness of the market, Detroit, like many other U.S. metropolitan areas, is increasing its number of available rental units. Several new developments are scheduled to open in the next few months, with more coming online in 2013.
The rental sector in Detroit continues to blossom despite the growth of the retail housing sector across the U.S. reported by the U.S. Commerce Department. According to The Associated Press, home building increased by 15 percent in September, leading many to believe that the growth of the sector would lead to the demise of the rental market.