Michigan Real Estate News

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COVID Emergency Rental Assistance Staves Off An Eviction Tsunami

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With the ending of the federal eviction moratorium on August 26, local legal aid funds are still being sorted out. Since the initial eviction moratorium, the U.S. Treasury has paid $25 billion to states and local governments for COVID Emergency Rental Assistance. From May to August, a total of $181,821,906 has been paid out to Michigan residents. The pace of the disbursements will continue to accelerate into September, according to the MSHDA communications director. The Director of Litigation at the Legal Aid of Western Michigan estimates that applicants are waiting 1 to 2 months before receiving a check. The processing rate varies by county and ranges from 26-72%.

 

 

Detroit’s Roosevelt Park Plans Affect Vernor Highway

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Detroit has plans for improvements to Roosevelt Park that involve permanently closing a section of Vernor Highway. The plans will make the park safer and uninterrupted by vehicle traffic. Currently, the highway cuts through the park and a section of 15th Street in the Corktown neighborhood.  A temporary closure of the highway at 17th and Newark streets will begin Tuesday. Construction will be completed in 2 phases and is expected to be complete in February 2022. Resident input is welcomed by the city, via a survey that closes on October 31.

Vacancy Increases in Detroit’s Prime Office Buildings

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There’s an increase in vacancy rates in Detroit’s prime office buildings in 2021. According to a new report from the Chicago-based brokerage house JLL, there’s a 10.2% vacancy rate totaling more than 10.9 million square feet. That’s an increase from a 7.7% vacancy rate in 2019 and just under 9% in 2020. Rent also dropped 0.4%. Although 21 downtown prime office buildings comprise the vacant real estate, the Renaissance Center accounts for almost 45% of all the vacant space.