Detroit is seeing a revitalisation in the city and ensuing resurgance in its property market.
Why is Detroit seeing increased numbers in its rental market and urban properties? It’s unlikely to be the its Motown music reputation, or the automotive industry, and certainly not for the gang-riddled neighbourhoods that drive up crime. In fact, Detroit used to be America’s fourth largest city but currently sits at number 18 thanks in large part to the aforementioned problems.
Nevertheless occupancy rates in urban Detroit are at an all-time high and mainly due to professionals, singles, and couples with no children who are seeking the convenience of entertainment venues within easy walking distance.
It would seem a resurgence is underway, thanks to a revitalisation program initiated by city and state officials. Taking a cue from the thriving neighbourhoods of New York and San Francisco — along with some finical incentives — they have managed to entice more people to choose an urban life in Michigan than they’ve seen in quite some time.
The financial incentives include a rebate program for residents to help pay their rent (up to US#3,500) for employees of some of Detroit’s major corporations.
What started the drive to Detroit?
It is believed that the resurgence started for Detroit in 2006 when it played host to the American Super Bowl, the annual championship of the National Football League (NFL). Just to give an idea of how big of a deal this is, the Super Bowl, which is always on a Sunday, is the second-largest day for food consumption in America and is America’s most-watched television event. It’s not quite like hosting the Olympics, but in the States, it’s the next best thing.
By Jennifer Harrison