Jun 10, 2019
A former warehouse has been newly rehabbed and open for leasing in Corktown, in Detroit. Known as the “Assembly,” its parent company, billionaire real estate developer Dan Gilbert’s Bedrock LLC, received six million dollars in historic tax credits. Its 32 residential units range from $1,500 to $6,500 a month to rent.
What a bargain! Because these new apartments are in a market where the average monthly rental costs currently range from $1,637 for a one bedroom to $8,296 for four bedrooms in the same neighborhood.
So who can afford these apartments? Certainly not the ordinary residents of Detroit, whose median household income is $26,250. Renting the cheapest “Assembly” apartment would take $18,000 a year, or 69% of one person’s income, for a one bedroom! Or $78,000 a year if you have a family!
It’s not a coincidence that the so-called “Revitalization of Detroit” is sometimes referred to as the “Tale of Two Cities.”