4 ms·
Wayne, MI studio rents are down by 23%? First of all, I wonder if they mean Wayne County, MI, or actual Wayne, MI. If it's the former, that almost makes more se
by jdhn 6y ago
Wayne, MI studio rents are down by 23%? First of all, I wonder if they mean Wayne County, MI, or actual Wayne, MI. If it's the former, that almost makes more sense because Wayne, MI has a total of 17,000 people. The only thing I can think of is that demand has cratered because car company employees took the time to relocate once their leases were up.
- dtwest 6y agoThe list is by county.
- jdhn 6y agoYou're right, I just didn't read the title. In that case I feel bad for Detroit, as people must be ending their leases there and simply not reneweing.
- DetroitThrow 6y agoDowntown rents in Detroit were very, very high compared to the surrounding area because of workers desiring to live in a very small radius of the immediate downtown area primarily to be close to work and downtown amenities/restaurants. QuickenLoans would be the biggest employer downtown right now, not the car companies, and other tech companies have been moving in as well. Rents were exacerbated by a shortage of apartment stock, homogeneous ownership of apartments (i.e. by Dan Gilbert), and lack of affordable parking in a city where cars are still required. Rents outside the downtown area can be almost half as much because of this, despite all still within a 10-20 minute drive. Overall, I've seen most downtown rents drop by several hundred dollars, usually by maybe a fifth of the previous amount (which seems very close to the percentage mentioned). Outside of downtown, the drops have been MUCH less steep, if at all.