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Demand for apartments near downtown Detroit seemed nearly insatiable before the pandemic. Now a surge of luxury units is adding slack to the market.
The 25-story Residences at Water Square on the site of the former Joe Louis Arena has been previously described by its developer as having "elevated but approachable" rents.
Newly revealed asking rents for The Residences at Water Square are well into record territory for downtown Detroit.
The condo market in Detroit remains in the doldrums, but with a notable exception, according to a new report. All told, condo sales remain depressed in the city, ridden with oversupply and generally skittish buyers concerned about elevated interest rates and other macroeconomic factors. However,…
