Has vacancy rate on Detroit rentals increased (Taylor: apartment, appliances)

[mfranks]

I am considering getting back into the landlord business having done it for approx. 15 years previously. I moved out of state 8 years ago and was wondering how drastically the Detroit rental market has changed and what kind of success are you having filling your properties? I was primarily into 2-4 family units spread throughout the city. Any help or advice I'd greatly appreciate.

[virgostarr]

Just from my observation, Detroit has an abundance of property for rent. There are "For Rent/Lease" signs posted Eastside to Westside on everything from single-family homes, flats and apartment buildings.

I currently have one single family home I am trying to rent for $800 with landscaping, water and appliances included. I was originally asking for $900 but have since reduced the rent to $800.

One major problem in Detroit is that the landlords are losing the houses back to the bank and forcing the tenant out leaving many eye soars in the neighborhood because of vandalism.

[mfranks]

Thanks for the info Virgostarr. I've run into another obstacle also and have found that property taxes have risen so much since I last invested (8 years ago) that for the investor you're better off in some of the surrounding suburbs than the City of Detroit proper in order to have any sort of positive cash flow.

[ocean2026]

Metrorenaissance - Issac Taylor is probably eating his words now as prices have fallen 45% in the last year and at even a higher rate since July.