Detroit, MI: The Motor City
With an estimated 639,111 residents, Detroit is the most populous city in Michigan. It also serves as the seat of Wayne County. Historically, Detroit is known for its automobile industry, earning it the nickname “The Motor City,” along with “The World of Wheels” and “The Automotive Capital of the World.” Today, the automobile industry remains a huge part of the city’s identity, with Ford, General Motors, and Stellantis North America all headquartered here.
Detroit is also famous for the arts, particularly when it comes to music. The city is known for its contribution to the Motown and techno genres as well as hip-hop, punk, jazz, and rock. Aside from music, though, Detroit has an equally vibrant theatre scene. Points of interest include the Fox Theatre, the Masonic Temple Theatre, the Detroit Opera House, Fisher Theatre, the Music Hall Center for the Performing Arts, and Gem Theatre.
Sports also play a significant role in the culture of Detroit, having teams from the four major sports — the Detroit Pistons (NBA), the Detroit Lions (NFL), the Detroit Tigers (MLB), and the Detroit Red Wings (NHL). Other notable attractions include the Detroit Institute of Arts, the Henry Ford Museum of American Innovation, the Detroit Zoo, Belle Isle, Motown Museum, and the Charles H. Wright Museum of African American History.
How Is Detroit’s Rental Market?
The real estate market in Detroit is very affordable, with the median listing price for a home being $45,200. This is a whopping 80% below the national median, making it a huge draw for property investors. Additionally, the renter population in Detroit is quite sizable. In fact, 52.8% of the city’s residents are renters.
Image via towncharts.com
In addition to a large pool of renters and affordable properties, Detroit also boasts decent returns for landlords. The median rent in 2019 was $962, which is not much less than the national median at the time, $1,097. It is also worth noting that the median rent in Detroit has been crawling its way up since 2017.
Image via deptofnumbers.com
Detroit also has an average vacancy rate. In 2019, the vacancy rate in Motown was 5.42%, whereas the national vacancy rate was 5.97%. Michigan is also fairly landlord-friendly, with minimal restrictions on rental rates.
How a Detroit Property Management Company Can Help
There is no denying Detroit’s appeal to landlords. However, while you may have money to invest in rental property in this city, you may not have the time or interest in hands-on management. Being a landlord is tough work, and many choose to outsource the job to a Detroit rental management company.
With professional help, landlords can rest assured knowing all their duties have been passed down to capable hands. How can a company make property management in Detroit easier? A property management company can accomplish the following and more:
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Detroit?
Detroit is home to several property management companies. The tricky part is trying to find the one that best suits your needs and price point. Streamline your search process today with the help of Rental Choice. Browse our online directory of property management companies by city or state.