Downtown rents in Detroit were very, very high compared to the surrounding area because of workers desiring to live in a very small radius of the immediate downtown area primarily to be close to work and downtown amenities/restaurants.
QuickenLoans would be the biggest employer downtown right now, not the car companies, and other tech companies have been moving in as well. Rents were exacerbated by a shortage of apartment stock, homogeneous ownership of apartments (i.e. by Dan Gilbert), and lack of affordable parking in a city where cars are still required. Rents outside the downtown area can be almost half as much because of this, despite all still within a 10-20 minute drive.
Overall, I've seen most downtown rents drop by several hundred dollars, usually by maybe a fifth of the previous amount (which seems very close to the percentage mentioned). Outside of downtown, the drops have been MUCH less steep, if at all.
QuickenLoans would be the biggest employer downtown right now, not the car companies, and other tech companies have been moving in as well. Rents were exacerbated by a shortage of apartment stock, homogeneous ownership of apartments (i.e. by Dan Gilbert), and lack of affordable parking in a city where cars are still required. Rents outside the downtown area can be almost half as much because of this, despite all still within a 10-20 minute drive.
Overall, I've seen most downtown rents drop by several hundred dollars, usually by maybe a fifth of the previous amount (which seems very close to the percentage mentioned). Outside of downtown, the drops have been MUCH less steep, if at all.