Metro Detroit Single Family Rental Market

[Christian Conte]

Hey BP, I stumbled upon this great resource a few days ago while doing some research in the Detroit and metro Detroit rental market—mainly interested in single family homes. I am completely new to real estate, except for some knowledge I have because of apartment rentals owned by some close family.

I have your typical 9-5 job, but have been saving up for close to two years now and have about 30Kto help jump-start my rental journey. As stated before, main focus would be single family, probably 3 bed/1-2 bath homes. Am interested in foreclosures especially, but ones with minimal turnaround time to occupancy (paint, carpet, maybe patching walls and some appliances). From what I have seen, this is available and manageable for my current budget. But anyone’s insight to the contrary would be helpful too. Would be managing from ~20-30 mins away.

Trying to narrow my focus and concentrate research on the following areas: University District, Bagley, Redford, Dearborn and possibly further up to Southfield. Could anyone shed some light on the rental market for single family homes in these areas—demand, turnovers, ballpark vacancy rates and I suppose overall “trend” of these areas in the last few years? Hopefully this isn’t asking too much…. Just hoping to get better informed! Thanks!