1. National Appreciation Rates
The appreciation rate for real estate in Detroit right now is 8.62%.
That may not sound like much, but it’s actually higher than nearly 85% of other cities in the United States.
2. Statewide Appreciation Rates
You can’t ignore the numbers.
Scale it down to the Michigan real estate market, and that 8.62% in Detroit is still higher than 70% of the other cities in the state.
3. Lower Cost of Living
If you’re considering buying property for rental purposes, this is the optimal time to do it.
Even though the city has so much to offer now, the cost of living continues to be more affordable in Detroit when compared to the US average. This makes the city a bigger draw for renters.
4. Impressive Architecture
The lower cost of living doesn’t completely account for why Apartments in Detroit rent so quickly.
One time considered the Paris of North America, Detroit has some stunning and gorgeous architecture that has been largely ignored for over fifty years.
Seeing these iconic buildings empty for so long, many people are now hungry to call them home.
So if you decide to invest in Detroit real estate as a money-making opportunity, you can be sure you’ll attract tenants quite easily.
5. Fantastic Return on Investment
You don’t need to go as big as an apartment building to get your money’s worth by renting out your property though.
After years of blight, the housing market is alive and well. And there are beautiful and stately houses all throughout the city that are a hot commodity for families looking to rent.
Even if you don’t make the sort of rental income that one does in San Francisco, for instance, you’ll still get a great return on investment.
6. Desirability
Once a destitute city that was the butt of every joke, Detroit has become a destination city.
Beyond the high-end grocery chains and improved housing market, Detroit is packed with fantastic restaurants and entertainment establishments that rival many bigger cities.
As a result, more and more people are visiting. Airbnb Detroit has been quite successful in the past couple of years and that trend is likely to continue.
7. Potential for Growth
If you don’t have a lot of capital to invest in something big, then you can focus on Detroit’s up-and-coming areas. That means you might have to buy a property next to one where the windows are boarded.
But the potential for growth is astounding.
Investing in Detroit Real Estate Is a Sound Decision
If you’re a savvy investor who likes to come in at the ground level, now is the time to consider investing in Detroit real estate.
It’s truly exciting to see this classic American city coming back to life. And you could be part of it.
To stay on top of what’s new and exciting in the fast-changing world of real estate, be sure to keep checking back with our blog!
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