Detroit is flourishing, resulting in a rise in rental rates.

A thriving city is good news, however for many city renters it’s becoming  more challenging to obtain rental properties in desirable neighborhoods and prices.

The good news is that Detroit’s $890 median rate for a 2-bedroom rental is far below the national average of $1,160 (tell that to your wallet).

According to ApartmentList.com, which gathers data from the United States Census, the median monthly rent of a two-bedroom in the Motor City is $890, which is below the average national rent of $1,160.

This number has risen 0.1% over the last month, and 1.8% in the past year, with 20 months in a row of steady rent increases. Compare that to the statewide statistic of 2.4% over the last year and the national rate of 2.8%. Detroit is on par with overall growth seen in the national economy.

With rents holding steady since their last dip in January of 2016, it only makes sense that rates would rise, keeping in line with a city that is on the upswing. A great economy and rebounding city mean good things all around, as long as everyone can find decent and affordable housing.

Lead image:  The Farwell Building and the David Stott Buildings are among properties that are reinvigorating Detroit’s skyline. Photo by Michelle & Chris Gerard

  ApartmentList.com, median rental rates in Detroit