Property prices for rent in Detroit (Michigan)
The rent prices in real estate in Detroit, in the Michigan region have slightly risen in the last couple of months. There has been a rise in the rent prices in this city.
The price per sq.feet in Detroit has risen during the last 6 months. In October, the average price per sq.feet was $1.13. In November this price barely changed remaining at $1.16 per sq.feet. In the following two months the price per sq.feet has practically remained the same, going from $1.14 to $1.16 per sq.feet. The price per sq.feet has risen 110 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $1.15 to $1.26 during February, and March.
When referring to the price in Detroit (cities), there have hardly been any changes in the last 6 months. In our first sample month during October, the average price is $1,156. In November This price remains at $1,208. In the following two months the average price has hardly changed with regard to the previous two months from $1,182 to $1,164. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $1,173 and $1,217.5 between February and March.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $1,277 they are 9 % more affordable than the average price for Detroit . The properties with the highest average price have 4 bedrooms, Their price is 15 % more expensive than the average. After that we have properties with 2 bedrooms priced at $1,323.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $1.05 / sq.feet, with an average $1.32 / sq.feet price in Detroit. The properties with the most expensive average prices have 1 bedroom. They are 38 % more expensive than the average followed by properties with 2 bedrooms with a price at $1.31 / sq.feet.
The graph displaying the average rent prices displays the property type "Condo" as the most affordable one. At an cost of $1,277 it is 15 % more affordable than the average price in Detroit. "Duplex" is seen as the second most affordable property type. The most expensive property type is "Townhouse" followed by "Land". At a price of $1,407 it is 60 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Duplex" at an average price of $0.97 / sq.feet followed by "Condo" priced at $1.03 / sq.feet. "Townhouse" is the most expensive type of property with a $2.1 / sq.feet value followed by "Land" with an average price of $1.64 / sq.feet.
