Downtown/Midtown Rents "Downtown Detroit rents go through roof"

**mwilbert** · June-20-13, 01:03 AM

I'm not sure we are saying the same thing. It sounds as if you think downtown could be a vibrant district attracting outside people without there first being more residents. I don't believe there is a path to that state without significantly more residents that there are now. Other than that, I think we are mostly in agreement.

**detroit12** · June-21-13, 05:47 PM

Originally Posted by JDKeepsmiling

http://www.detroitnews.com/article/2...text|FRONTPAGE

This article got me thinking...is this the reality on the ground? I am hearing all this talk about how Midtown and Downtown are basically full. Is that people's actual experiances? Are rents rising 10-15% per year?

A second question is when do you think someone will come forward with a major residential development in Downtown?

from experience I would yes. I had a very hard time trying to find a one bedroom for a reasonable price that was nice and in the downtown area. I ended up renting in the Indian Village neighborhood. Which wasn't so bad for me because IV is my fav neighborhood. But to warn a lot of people it will get frustrating because almost every building between cork/mid/downtown have waiting list and even in New Center the apartments are limited as well

**scottn55** · June-22-13, 08:18 AM

I think it bears keeping in mind that all of the large downtown buildings, whether office or residential, occupy spaces which formerly held much smaller buildings. When I see the AAA Building on the Statler site it makes me wonder whether low-rise development wouldn't be better for that location right now. It seems like Detroit is always holding out for the next "big" development when maybe we should be thinking in terms of baby steps. Detroit has 1/3 of the population it had in 1950. Why would we expect that when we tear down a large building [[Statler, Hudsons, etc...) that an even larger building would take its place? I'd rather see small scale development, which could eventually be replaced by larger scale development if future demand dictates, than empty space. 30+ story towers are not a prerequisite in order to have vibrancy.

**mwilbert** · June-22-13, 09:30 AM

I think this is not really the key issue. The issue is whether you can build new residential space of whatever size at current rents, or alternatively, when rents will be high enough to build new residential space. Even with the current rising rents, I don't believe new construction downtown is economic without subsidy.

**Khorasaurus** · June-22-13, 10:17 AM

Originally Posted by mwilbert

I think this is not really the key issue. The issue is whether you can build new residential space of whatever size at current rents, or alternatively, when rents will be high enough to build new residential space. Even with the current rising rents, I don't believe new construction downtown is economic without subsidy.

The article that started this discussion said developers have identified that point as the average [[or maybe median?) rent hitting $2 per square foot. It's about $1.75 and rising. The prediction was that if/when it hits $2, you'll see a rash of new developments, especially because acquiring lots and vacant buildings is still going to be pretty cheap.

**wolverine** · June-22-13, 03:07 PM

Originally Posted by mwilbert

I'm not sure we are saying the same thing. It sounds as if you think downtown could be a vibrant district attracting outside people without there first being more residents. I don't believe there is a path to that state without significantly more residents that there are now. Other than that, I think we are mostly in agreement.

Of course it could become vibrant before towers get built. But the busiest districts are not a result of their immediate surroundings of high population density. If such a direct correlation existed there would already be bustling retail around Detroit's existing residential towers. Instead it's mostly service based, some of it fast food, and much of it closes late evening.

**Spartan** · July-19-13, 04:04 PM

Originally Posted by JDKeepsmiling

http://www.detroitnews.com/article/2...text|FRONTPAGE

This article got me thinking...is this the reality on the ground? I am hearing all this talk about how Midtown and Downtown are basically full. Is that people's actual experiances? Are rents rising 10-15% per year?

A second question is when do you think someone will come forward with a major residential development in Downtown?

Just got my renewal info, and I'm looking at a 33% increase [[downtown) to about $1.75 per sq foot. Looks like I might be moving to another area in the city or back to the burbs...

**Spartan** · August-01-13, 12:05 AM

Rents are skyrocketing and everything's full, I have about 2 weeks to find somewhere to move. I want to stay here, but damn!

**Eric_c** · August-01-13, 08:30 AM

Take a look in the Villages, Spartan. My friend just leased a beautiful two bedroom in the Parkstone for $950.

**Spartan** · August-01-13, 09:30 AM

Originally Posted by Eric_c

Take a look in the Villages, Spartan. My friend just leased a beautiful two bedroom in the Parkstone for $950.

Villages? Indian Village? University Village?

I would like to stay in "Greater Downtown." I've started looking more at Corktown/Lafayette Park but it seems to be much harder to locate properties around there. A lot of them don't have web sites, etc. Midtown is another option, but that is looking pretty similar to downtown. Everything seems to be <$700 and crappy or >$1000 and nice. There is a serious lack of "mid-level" stuff near downtown/midtown from what I've seen.

**Eric_c** · August-01-13, 09:42 AM

THE Villages: www.thevillagesofdetroit.com

Islandview Village, West Village, Indian Village, East Village, Gold Coast and Joseph Berry Subdivision. All very much within the Greater Downtown. We are the same distance from Woodbridge to Campus Martius and have more than two streets to choose from, too! Lol!

**mwilbert** · August-01-13, 10:34 AM

I'm sure he could find a nice place in the Villages, but they are farther from what most people think of as downtown than Corktown. If he is looking in Lafayette Park, he might try talking to the people at Vasileff; they seem to have a pretty good handle on that area.

**Eric_c** · August-01-13, 10:43 AM

It always makes me laugh when people talk about "distance" with regard to the Villages. The Villages are the same distance to Downtown as New Center or Woodbridge and Jefferson Avenue is arguably Detroit's most vibrant business street. Plus, we have the river anywhere from zero to ten short blocks away. And Belle Isle. We're thirteen minutes from Campus Martius by bike or bus and the busses are actually quite good. And grocery stores. And Eastern Market! Lol! I've been here for nine years and always suggest people take a look. It's the perfect balance of neighborhood and Downtown living. Good stuff.

**mwilbert** · August-01-13, 11:32 AM

Originally Posted by Eric_c

It always makes me laugh when people talk about "distance" with regard to the Villages. The Villages are the same distance to Downtown as New Center or Woodbridge and Jefferson Avenue is arguably Detroit's most vibrant business street. Plus, we have the river anywhere from zero to ten short blocks away. And Belle Isle. We're thirteen minutes from Campus Martius by bike or bus and the busses are actually quite good. And grocery stores. And Eastern Market! Lol! I've been here for nine years and always suggest people take a look. It's the perfect balance of neighborhood and Downtown living. Good stuff.

Again, I'm not trying to suggest the Villages don't have their own appeal, but people in New Center or Woodbridge are probably more interested in their proximity to Midtown than their distance to Downtown. In any case, Spartan isn't a newcomer, and he can decide what constitutes Greater Downtown for himself.

**Spartan** · August-01-13, 01:19 PM

Originally Posted by Eric_c

It always makes me laugh when people talk about "distance" with regard to the Villages. The Villages are the same distance to Downtown as New Center or Woodbridge and Jefferson Avenue is arguably Detroit's most vibrant business street. Plus, we have the river anywhere from zero to ten short blocks away. And Belle Isle. We're thirteen minutes from Campus Martius by bike or bus and the busses are actually quite good. And grocery stores. And Eastern Market! Lol! I've been here for nine years and always suggest people take a look. It's the perfect balance of neighborhood and Downtown living. Good stuff.

I'm sure it's nice, but I don't really have interest in a "balance of neighborhood and Downtown living," just "downtown living." I'm not looking in Woodbridge or New Center either. I want to be Downtown first, Midtown [[especially southern portion) and maybe Corktown/Lafayette Park if the prices are right. Ideally, I do not wish to be more than 1 mile from Campus Martius. 3-5 years from now, maybe I'll be looking at the Villages or Woodbridge.