Michigan Real Estate News

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Michigan’s Rental Aid is Backlogged as Need Continues Rise

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173,000 tenants have applied for the statewide rent aid program that was launched to help renters avoid eviction and meet their payments. Wayne County makes up about one-third of the applicants. Detroiters make up 22% of the rent help applicants. According to the chief operating officer of the Wayne Metropolitan Community Action Agency, they continue to see high numbers of requests for support. The Census Bureau’s Household Pulse Survey reports that between Dec. 1 and Dec. 13,  more than 100,000 Michiganders said they were behind on rent or mortgage payments. Less than half of the applications for assistance were approved as of January 7. Statewide, wait time between application and approval averages 35 to 40 days. In Wayne County, that wait time may take as long as 10 weeks. MSHDA has hired staff combat the backlog and high numbers of applications in Wayne County

The Grand Hotel Owner Snaps up More Island Properties

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KSL Capital Group has purchased three boutique hotel properties and an adjacent restaurant on Mackinac Island for an undisclosed price. The properties include The Bicycle Street Inn, Waterfront Collection North, Waterfront Collection South, and Winchester’s Whiskey and Bourbon Room.  The sale included housing on the island and in St. Ignace for seasonal workers. KSL Capital Group also owns the Grand Hotel. The 3 hotel properties are in the heart of the downtown on the island. KSL Capital Group hopes to potentially provide more job security for seasonal workers who could have the opportunity to work on other properties owned by the group during Mackinac Island’s off-season.

 

 

Residential Sale Prices Continue Upward Trend

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Prospective buyers in Michigan’s housing market placed higher bids in 2021. A lack of inventory caused a 13.8% increase in residential sale prices in 2021 compared to the same period in 2020. There was a 3% increase in total sales. Branch County, Detroit, Bay County, Sanilac County and Mason, Oceana and Manistee counties reported higher than 20% increases in housing prices. Gratiot, Isabella, St. Joseph, Greater Shiawassee and Hillsdale counties reported less than 7% housing price increases. Antrim, Charlevoix and Kalkaska were the only to counties to report a decrease in home prices (-0.7%).