Michigan Real Estate News

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Manhattan Residential Leasing Is Booming, But Is It Enough?

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With the presidential election behind us and the COVID-19 vaccine on the horizon, renters feel a bit more certain about the market. But is this boom point to a recovering leasing market? Leasing trends were already on a downturn when the pandemic hit in March. Manhattanites were leaving for suburban living. Rental rates spiraled downward to 17.3% lower than those of the previous year. The upward trend is encouraging, but there’s still a lot of inventory and record concessions and vacancies. Whether the lease boom is a mirage remains to be seen.

Thousands of St. Louis Evictions Promise a Wave of Homelessness

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Thousands face eviction in St. Louis, Missouri. The backlog of eviction suits threatens to leave many homeless, especially low-income tenants. An eviction defense program and hotline that was set up in August 2020 has received 60% more calls than normal, and many of those calls concern illegal lockouts. The backlog of eviction suits is concerning, with the fear being that all of these tenants may be put out all at once when the eviction moratorium ends.

Macy’s Announces More Store Closings

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Macy’s will close 45 stores nationwide by the middle of 2021. These closures come on the heels of the company’s February 2020 announcement of their plans to cut 2,000 jobs and close roughly 125 locations. The company received a credit line of $3.15 billion in June of 2020 which has allowed it to survive the impact of COVID-19. The timing of the store closings may be adjusted as Macy’s monitors its recovery from the pandemic and the performance of its competitors.