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Detroit, MI Investment Data and Rental Metrics
Investment Data & Rental Metrics
LTR & STR financial performance, market growth indicators, and school ratings.
LTR Financial Performance
Median Price
LTR Rent
$1,315
Monthly Cash Flow
$634
Principal + Equity
$737
Annual Total Gain
$16,450
Cash on Cash
38.62%
Net ROI %
STR Financial Performance
Median Price
Avg. Daily Rate
$170
Occupancy Rate
45.45%
Monthly Revenue
$1,834
Monthly Cash Flow
$878
Principal + Equity
$737
Annual Total Gain
$19,377
Cash on Cash %
53.47%
Net ROI %
Market Health & Growth
Median Income
$39,575
Population
636,644
LTR Renter %
50.27%
Forecast (1 yr)
1.37%
Appreciation (1 yr)
-1.11%
Appreciation (5 yr)
46.98%
Appreciation (10 yr)
166.49%
Job Growth
-0.18%
LTR Rentability
Very Low
STR Demand
22
STR Rentals
1,668
Top Public Schools
APlymouth Scholars Charter Academy
A-George Defer Elementary School
A-
A-
A-
Market Grades and Information
Best Places to Live Ranking
Public school quality, cost of living, commute, and lifestyle ratings.
C
Overall
Top-level market grade
Best Cities for Outdoor Activities in America
#129out of 229 markets
Best Cities for Young Professionals in America
#196out of 229 markets
Cities with the Lowest Cost of Living in America
#24out of 229 markets
D
Public School
D-
Crime And Safety
C
Housing
B
Nightlife
C
Good For Families
Diversity
Jobs
Weather
Cost Of Living
Health And Fitness
Outdoor Activities
Commute
Short-Term Rental (STR) Regulations
Local rules and guidelines for operating short-term rentals in Detroit, MI.
In Detroit, MI, Short Term Rental (STR) regulations are governed by the city's zoning ordinances and licensing requirements. Here are some key points that an investor should be aware of before investing in purchasing a property for Short Term Rental in Detroit:
1. Zoning Restrictions: Detroit has specific zoning regulations that dictate where Short Term Rentals are allowed to operate. Investors should check the city's zoning map to ensure that the property they are interested in purchasing is located in a zone that permits Short Term Rentals.
2. Licensing Requirements: In order to operate a Short Term Rental in Detroit, investors must obtain a Short Term Rental License from the city. This license requires the property to meet certain safety and health standards, as well as comply with building codes and fire regulations.
3. Taxes: Short Term Rental hosts in Detroit are required to collect and remit both state and local occupancy taxes on their rental income. Investors should be aware of these tax obligations and factor them into their financial projections.
4. Occupancy Limits: Detroit has regulations in place that limit the number of guests that can stay in a Short Term Rental property at any given time. Investors should be aware of these occupancy limits and ensure that their property complies with them.
5. Noise and Nuisance Regulations: Detroit has noise ordinances and regulations in place to address disturbances caused by Short Term Rental properties. Investors should be aware of these regulations and take steps to ensure that their guests are respectful of their neighbors.
6. Insurance Requirements: Investors should also consider obtaining additional insurance coverage for their Short Term Rental property to protect against potential liabilities, such as property damage or injuries to guests.
Overall, investors looking to purchase a property for Short Term Rental in Detroit should carefully research and understand the city's regulations and requirements to ensure compliance and mitigate any potential risks. Consulting with a real estate attorney or local property management company may also be beneficial in navigating the regulatory landscape.
Market Trends Over Time
Explore 25 years of market data for Detroit, MI, including median property prices, long-term rental rates, and days on market — identify growth potential and gauge market stability.
Median Price
Median Rent
Days on Market
Nearest Markets
Explore nearby investment markets close to Detroit, MI.
The LTR Genie Score of Detroit, MI is 64 and STR Genie Score is 61, indicating a moderate level of attractiveness for both long-term and short-term rental investments. The LTR Rentability is very low, which may be due to the low LTR Rent Growth Rate of 0.063%. However, the LTR Net ROI of 83.49% and STR Net ROI of 98.35% are relatively high, suggesting potential for good returns in both rental strategies. The 1-Year Price Appreciation Forecast of 1.37% indicates a stable market with slight growth potential. The STR Occupancy rate of 45.45% and STR Revenue of 1834 show a decent demand for short-term rentals in the area.
Detroit, MI is known for its affordable real estate prices and ongoing revitalization efforts, making it an attractive market for real estate investors. The city offers a diverse range of properties at varying price points, providing opportunities for investors with different budgets and investment goals.
In conclusion, Detroit, MI presents opportunities for both long-term and short-term rental investments, with potential for good returns in both strategies. Investors may consider diversifying their portfolio by investing in both rental types to maximize their profits in this market. However, thorough market research and due diligence are recommended to ensure success in this competitive real estate market.
LTR Genie Score 93
$324,900
🛏 5 Beds🛁 4.0000 Baths🏙 3,670 sqft.🏠 SINGLE FAMILY
