Rent prices are high during the pandemic. CoreLogic economist Molly Boesel told Michigan News Network this week the average price nationwide is $1,700 per month and about $1,400 in metro Detroit.
“Rental vacancy rates are extremely low, so that points to the very low supply, but in addition to that, we are having very high demand for single family rentals and other rentals, in particular,” Boesel said. “That points to more household formations.”
Boesel says there’s a larger millennial population and older Gen Z too. She says rent prices were up 8% in September, but she does not expect the high rate of increases to continue next year.
