New 50 unit development @ Cass & Canfield

[iheartthed]

This development is exactly what Detroit needs. AFFORDABLE housing, young people can't afford anything else, and considering that is what most of Midtown's population is, it is perfect. It would be nice if there were more of this closer to downtown. The lack of this is a big reason there aren't many people downtown or in Midtown. $1000 per month in rent is hardly affordable for someone making 40-50k per year. It seems that is the going rate for housing too, and it just isn't realistic in this market.

What costs $1000/month to rent in Detroit?

[lincoln8740]

What costs $1000/month to rent in Detroit?

kales building second floor

and someone better tell the developer that making announcements in model D is usually the first step towards either not even putting a shovel in the ground or defaulting!

[esp1986]

What costs $1000/month to rent in Detroit?

My comment was more focused at downtown. Midtown is a bit less but still too much for most.

[casscorridor]

My comment was more focused at downtown. Midtown is a bit less but still too much for most.

In general, [[in the luxury range) you'll find condos in Midtown and apartments Downtown. But you can still find luxury apartments in Midtown. Most of them are rented condo units, such as in the Park Shelton building, where 1 bedrooms easily go for $1000.

[lincoln8740]

. you can still find luxury apartments in Midtown. .

sorry Ma, I found the above quote to be the "sir smokes a lot" line of the day

[Michigan]

I agree with Danny- Keep developing Cass Corridor!

There are hundreds of people on the streets there in good weather. We need more developments like this to bring in people who want to spend money in the neighborhood. Too many of the people there now are just looking to take advantage of the seedier side of the Cass reputation- one that is not deserved!!!!

[DetroitDad]

What costs $1000/month to rent in Detroit?

Anything halfway decent in the better areas. Basically Studio One, MidMed Lofts, Garfield Lofts, and countless other newer buildings. I am having a real hard time finding anything that is in my price range [[$700-$800) that is affordable and comparable to the quality in our inner suburbs.

[English]

Anything halfway decent in the better areas. Basically Studio One, MidMed Lofts, Garfield Lofts, and countless other newer buildings. I am having a real hard time finding anything that is in my price range [[$700-$800) that is affordable and comparable to the quality in our inner suburbs.

Co-signing with you, DetroitDad. I don't get why WSU/Midtown's prices have gone through the roof during a recession.

[Mind field]

Co-signing with you, DetroitDad. I don't get why WSU/Midtown's prices have gone through the roof during a recession.

Well if they have risen dramatically, then isn't that a good sign that demand is rising fast?

[cman710]

I am not saying this is the definitely the explanation here, but the decline of the housing market actually could have made the cost rentals go up because of increased rental demand [[fewer homeowners than before so more renters) while the supply of rentals may have remained relatively stagnant supply.

[royce]

This project is more in line with the new economic reality: jobs are scarce, jobs are short-lived, and jobs are mobile. Renting makes more sense than buying a condo that you can't sell. Although the rents at Studio One are still high, I think the concept of renting instead of owning is what has made Studio One a success, in addition to the ground floor retail. I think any mixed-use development in Midtown is looking at Studio One as the model for how to get people to move into the area. Now, if we could get a couple of Studio One type developments along Woodward south of Charlotte, instead of parking lots, then that would be a coup.