Downtown Detroit apartments are on offer for bargain rates as vacancies rise amid the pandemic, a new Free Press report finds.
According to Downtown Detroit Partnership data compiled by the paper, the vacancy rate at approximately 4,500 downtown apartments was 16 percent at the end of last year — double what it was at the start of 2020. The average per-month asking rent meanwhile reportedly declined 4 percent to $1,518.
It's unclear what's driving the change, but interviews conducted by the Freep find some left downtown because they could no longer "experience it the way they wanted to.” The area has emptied amid from home orders and a ban on large gatherings.
Developers tell Freep they're optimistic things will bounce back.