The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is for Detroit, Michigan. Based on our analysis, Detroit’s year-over-year average rents decreased across all bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Detroit 1-3 bedroom rents from August 1, 2020 – August 1, 2021:
As the table shows, 1BR units increased by 5% from last year or $54 more. The 2BR units increased by 8% or $90 more, and 3BR units increased their rents by 13% or $135 more. As demonstrated by the table, year-over-year performance for all bedroom types increased.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.