I was looking at data that showed a growth between 2005-2006.
Here’s the source:
http://www.mlive.com/newsflash/michigan/index.ssf?/base/news-48/119460864525150.xml&storylist=newsmichigan
The key to a market the works for rental is jobs. If people have jobs then they will rent your house. All real estate is local. In September 2007 the national unemployment rate was 4.5% the Detroit rate was 8.9%. There is a way to make money with rentals in Detroit. There are people doing it. I just don’t know how. I suggest you find them and do what they are doing. You have to learn the local way to do it. We here don’t know it. You have to find somebody there that does.
on another note, if the country experiences this terrific reccession, where will all the poor people from Detroit go? Part of me thinks that if we do have this big landslide that may or may not happen, people will be taking off in hordes from the expensive big cities and going to live in other places where they can just barely afford to buy or rent something, at least for a little while.
The future is frightening to think about sometimes. Regardless of what happens to the American dollar, they are still predicting more mouths to feed and house than ever before in the years ahead. but the reality is that americans may be in for a rude awakening in the coming years about the kind of lifestyle they can have. I personally think the future will be a place where lots of people are downsizing to smaller apartments instead of houses to live in, and they take buses instead of driving their BMW.
However there is another interesting trend developing now, which I read about in a local landlord newspaper. They were talking about how the kids of the baby boomers are essentially a bunch of spoiled kids that want all the nice living standards they/we have been spoiled living on. I personally know a lot of 20-30 somethings that would rather live month to month in a nice condo than invest in a fixer upper house. They put their lifestyle ahead of FV. This is horrifying to think about for the future of our economy, but its probably true and best to figure out how to capitalize on the trend of this new Y generation. The article said that future trends will be to provide high tech housing, with internet, high tech everything, coffee shops nearby, clustered in urban areas (NOT Suburbs), etc… That is what the Y gens want and for the most part that generation is living in complete denial about the economic situation of present and future that they are sitting in. But they don’t want to give up their pampered living.
Another trend is the “L” generation. The is the 25% to 30% of all adults that are too LAZY to work. At some point, as the baby boomers retire by the millions and the number of the LAZY continues to rise, the remaining workers of this country will get sick and tired of paying for these bums (I’m sick of paying for all these deadbeats already). I’m thinking of investing in tent cities where all these deadbeats can be incarcerated!
BRING BACK DEBTOR’S PRISON! That’s the battle cry for the future!
Mike
This probably won’t help Detroit any:
Keith
Maybe no-one is really leaving Detroit, they’re just being killed in the nation’s most dangerous city!
Mike
Detroit is working on a new slogan for tourism, they were thinking of calling it “North Bogota.”
Looks kinda like parts of Bagdad to me…maybe that Congressman was right, maybe the marketplace in Bagdad is like a marketplace in the midwest!
Keith
Detroit:
http://farm2.static.flickr.com/1029/1137535576_f8eed92d0c.jpg
Bagdad:
http://www.cimoli.com/pictures/oif/images/In%20the%20Green%20Zone%20of%20Baghdad_jpg.jpg
All in all it looks like Bagdad is nicer than Detroit!!!