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Inadequate Housing Plagues Detroiters
/in Detroit /by Tracy WillisA new report from the University of Michigan estimates that 90,000 Detroiters live in inadequate housing. The study found that residents of color, rental tenants, people with children and those who earn less than $60,000 annually are impacted the most. The study considers housing inadequate if it has major problems with electrical needs, furnace or heating problems, or a lack of hot or running water. 81% of survey respondents had at least one problem with their home condition. The greatest complaints included concerns about plumbing, pests, and crumbling porches.
Riverfront Hotel Plans Pivot to Apartment Development
/in Detroit /by Tracy WillisThe Detroit-based City Growth Partners LLC has scrapped its plans for boutique hotel rooms in a Detroit riverfront development. The $136 million vision for the property now includes 478 apartments instead of an original 360 apartments and 120 boutique hotel rooms. The revised number of apartments will make it one of the largest new multifamily projects in Detroit. The development will still include retail space. The Detroit Economic Growth Corp. board will have to sign off on the changes to the development plan because it is publicly-owned land. The changes have yet to be presented to the board.
Self-Storage Real Estate Sector Is On Fire
/in Detroit, SE Michigan /by Tracy WillisThe self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.