Tuesday, June 25, 2013

Downtown Rents Increase

This is very good news.  Although limited to the midtown area, the fact that any part of Detroit is now a hot rental market is a tremendously good sign.

There are many reasons people have to live downtown.  Some prefer the urban life experience, especially when they are young.  You are closer to work and to cultural institutions.  You meet interesting people.  Still, a good majority of these people who have children end up moving out of downtown and end up somewhere else.  Having never lived in Detroit's downtown, I can only speculate that the lifestyle downtown is not child-friendly.  Or maybe it's not parent-friendly. 

Either way, the crowd that is coming to midtown is the type journalists from out of town gush over, so this is a positive.  Young, creative, professional.  As long as the jobs keep coming, they will stay.