Michigan Real Estate News

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Detroit Metro Area Rent Hikes Impact Wallets

Young consumers and people of color continue to struggle with rent hikes. Housing costs is a component of measuring inflation. Last month, the shelter index rose at its fastest year-over-year pace since April 1991.  Rent increased 4.8% in April over the last 12 months. The U.S. inflation rate hit 8.5% in March over the last year. The rising costs for housing and shelter are worrisome, and rent is expected to be significantly higher in 2022.

 

Park and Trail Projects Promise Increased Value and Developments

The Ralph C. Wilson Jr. Centennial Park on the west Detroit riverfront will feature a bear slide, an otter slide, and a slide in the form of a beaver. The park will include swings, trails, a treehouse, a replica of Fort Wayne and an outdoor classroom. The park broke ground on Tuesday afternoon, a month after ground was broken on the Southwest Greenway, a trail being built to connect southwest Detroit neighborhoods to the riverfront. These amenities that come with these projects will help property values, based on many studies that show that the proximity of a public park increases a home’s value. They should also be a catalyst for development in the area.

Birmingham’s Downtown Transformation Continues

Birmingham’s downtown transformation continues with the four-story building planned at 294 E. Brown. Part of the development will house a new, multi-story RH showroom. The building with include office and residential space, underground parking, and rooftop use that will include a pool. The Birmingham planning board reviewed and recommended the final site plan for approval at its April 27 meeting. Some residents are concerned about the development’s spread into their residential neighborhood.