Residential rent prices in Detroit's gentrifying neighborhoods are rising steadily, climbing in some cases by $3,000 more per year, reports Louis Aguilar in The Detroit News.
He found a reason:
That’s because the rent is still too low for buildings to pay for themselves without relying on government subsidies and foundation dole, developers and city economic officials contend. But the demand to live in Corktown, downtown, Midtown and along the riverfront is red hot — nine of 10 rental units in those neighborhoods are occupied, according to studies.
So the cat-and-mouse game is on, as landlords hike rents and renters scramble to come up with more money or find alternatives. Rising rents are changing who lives in the 7.2-square-mile swath of the city that’s gentrifying, attracting a growing number of affluent professionals as well as 20-somethings willing to live with roommates.
