Since the late ’90s, downtown Detroit landlords have dreamed of the day they could charge apartment renters $2 per square foot. It was a magic number, like a major league pitcher winning 20 games or a lottery jackpot hitting $100 million, writes Louis Aguilar in the Detroit News.
That’s why the 625-square-foot, one-bedroom apartment being offered at The Albert Capitol Park should have a historical marker. The rent is $1,385 a month. That adds up to $2.22 per square foot.
“We are there and it means downtown is about to be supercharged,” said James Van Dyke, a key downtown developer. “No more ridiculously long wait lists to rent something downtown. For developers, no more having to find eight, 10 different sources of financing, because a bank may actually be willing to give a traditional loan.”
If it does level off, renting a place in the trendy parts of Detroit may continue to cost about the same as renting in the trendy parts of Cleveland, Kansas City, or San Antonio, according to a national report on apartment rents in 46 U.S. cities. The average will go up — but it won’t hit anywhere near the level of a New York ($4,100-a-month average) or San Francisco ($2,540).
