AirBnB hosts and renters take note: the Detroit City Council could make major changes to the city code to regulate short-term rentals. The council is considering a potential ordinance that would restrict the type and length of short-term rentals permitted in the city, as well is who is allowed to offer them. The ordinance is… Read more »
Posts Categorized: Real Estate
An Update on the City Planning Commission’s Rezoning Process
Zoning ordinances are important pieces of legislation that determine more than whether properties in different geographic zones can be used for residential or commercial purposes. They can also limit the size of lots or the heights of buildings and determine the density of districts or zones. In short, they can define the character of a… Read more »
Detroit Tops List of Cities With Largest Rent Hikes
Despite attempts from city officials to maintain a healthy inventory of affordable housing options in Detroit, many Motor City residents are devoting a larger share of their paychecks to rent payments than they were just a few years ago. That’s what financial tech company SmartAsset found in a recent report which compares household incomes to… Read more »
In 2018, Detroit’s Property Values Rose Across the Board
A citywide reassessment has revealed double-digit increases in property values throughout Detroit, according to Mayor Mike Duggan’s office. Commercial property values, for example, rose a whopping 35 percent between 2017 and 2018 to an overall value of $4.5 billion. Meanwhile, industrial property values in the city increased by 18 percent during the same period as… Read more »
Detroit Rent Prices are Rising but Remain Comparatively Affordable
Just a few years ago, an attractive rental price in Downtown Detroit was around $2 per square foot. Today, rental prices in the same neighborhoods are trending closer to $3 per foot, according to a recent market report published in Curbed Detroit. This report, which was conducted by Broder & Sachse Real Estate, found that… Read more »
Mayor Duggan Announces $250 Million Affordable Housing Fund
Detroit city officials are employing new strategies in an effort to protect affordable housing availability in neighborhoods throughout the city. Earlier this year, for example, the director of Detroit’s Housing and Revitalization Department announced that the city would offer special tax incentives to developers who include affordable housing units in their construction and rehab projects…. Read more »
Detroit Housing Values Increase for the First Time in 17 Years
City officials have been working hard to facilitate renewed growth in parts of Detroit that lay neglected for years, and the fruits of their labor may finally be starting to show. Historic neighborhoods are being revitalized by their residents, and developers are constructing new affordable housing options downtown. There’s still plenty of work to be… Read more »
Detroit Offers Tax Breaks to Affordable Housing Developers
In recent years, it’s become fairly common to hear local officials and journalists talk about the idea of a “renaissance” in Detroit. It’s true that downtown Detroit is undergoing some very positive changes, but sometimes urban renewal can have unintended negative consequences on a city’s most vulnerable residents. In San Francisco, for example, rapid commercial… Read more »
Historic Midtown Apartment Building Undergoes Renovations
Another historic building in Midtown Detroit is getting a new lease on life thanks to a multi-million dollar investment from its new owners. The former Milner Arms apartment building, now known as The Hamilton, is currently in the process of undergoing a $12 million renovation that is scheduled to be complete in the fall of… Read more »
Detroit Offers Educators a 50 Percent Discount on Housing
It can be difficult to buy a home on a teacher’s salary, but this year the city of Detroit made it a little easier for educators to find affordable housing. Recently, Mayor Mike Duggan announced that local educators can now take advantage of a program which grants steep discounts to city employees who buy homes… Read more »