Michigan Real Estate News

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Michigan Mobile Home Owners Feel The Pinch As Lot Rent Increases

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Across the U.S., private equity investors are buying up manufactured housing communities and driving up lot rents. Many mobile homeowners have lower or fixed incomes, and increases in rent make it difficult to meet expenses. Older mobile home residents are particularly impacted, often lacking money for adequate food.  A series of Michigan bills could hamper those investors’ actions by creating more protections for mobile homeowners and updating the state’s manufactured housing law. Mobile home ownership is one of the few affordable housing options in rural and urban areas.

 

The Office Market Continues to Limp Post Pandemic

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More than two years after the start of the COVID-19 pandemic, the office market is still reeling. Sublet office space availability is at a 10-year high. Over 2.37 million square feet is available in the five-county area. Office tenants are subletting unused space. If they are unable to sublease, they give back the additional space to landlords, usually in an early lease restructure or relocation to another place. According to the president of the Advocate Commercial Real Estate Advisors LLC brokerage house, the amount of sublease space on the market will increase in the next 3 to 6 months. In addition, leasing activity is slower than usual, and no new construction of office space occurred in the second quarter.

 

 

Mortgage Demand Dips Past Great Recession Levels

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According to the Mortgage Bankers Association, as Washington, D.C.-based industry trade group, the demand for mortgages has dropped lower than any time during the Great Recession over ten years ago. The severe housing shortage continues in Michigan and across the country, limiting the availability of existing homes. Soaring interest rates are also impacting the mortgage market. According to a study from Up for Growth, Michigan is almost 87,000 houses shy of where it should be. Data from Realcomp reveals record-high sale prices in Wayne, Macomb and Oakland counties, as well as in Detroit.