The rent prices in real estate in Detroit, in the Michigan region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Detroit has had a strong fall during the last 6 months. In March, the average price per sq.feet was $13.36. In the following month the price per sq.feet fell considerably to $10.74. The price for the following two months in (May, June) had a considerable fall of 14 with regard to the previous two months. The price per sq.feet has had a considerable fall of 65 % 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 $6.87 to $4.45 during July, and August.
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 March, the average price is $1,271. In April This price remains at $1,259. During the following two months (May, June) the average price fell 92 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 117 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most expensive ones. At a price of $1,473 they are 1 % more expensive than the average price for Detroit. Following this ranking we find those properties with 4 at an average price of $1,640. The properties with the highest average price have 2 bedrooms, Their price is 23 % more expensive than the average. After that we have properties with 3 bedrooms priced at $1,710.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $0.92 / sq.feet, with an average $7.41 / sq.feet price in Detroit. The properties with the most expensive average prices have 1 bedroom. They are 212 % more expensive than the average followed by properties with 2 bedrooms with a price at $10.63 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $1,473 it is 33 % more affordable than the average price in Detroit. "Villa" is seen as the second most affordable property type. The most expensive property type is "Townhouse" followed by "House". At a price of $1,133 it is 47 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Townhouse" at an average price of $1 / sq.feet followed by "Condo" priced at $1.01 / sq.feet. "Villa" is the most affordable type of property with a $4 / sq.feet value followed by "House" with an average price of $1.79 / sq.feet.