Detroit has seen a resurgence in recent years. With a growing economy and a renewed focus on revitalization, Detroit has become a hot spot for real estate investment. If you’re looking to invest in rental properties in Detroit, there are several neighborhoods worth considering. Here are the 7 best neighborhoods in Detroit for rental properties, along with some of the best zip codes for each area.
Top 7 Best Neighborhoods in Detroit for Rental Properties
Midtown
Our first Detroit neighborhood is Midtown, also known as the Cultural Center. It’s home to many of Detroit’s top cultural institutions, including the Detroit Institute of Arts and the Michigan Science Center. It also has a thriving restaurant and nightlife scene.
The average price of a house in Midtown, Detroit can vary quite a bit depending on the exact location and the size of the property. The median home price in the last year was about $200-300k.
The main zip codes in this area include 48201 and 48202.
Corktown
This historic neighborhood is one of the oldest in Detroit and is known for its Victorian-era homes. It has seen a lot of redevelopment in recent years and is now home to many trendy restaurants and bars.
Corktown is one of the more expensive markets in Detroit. The average home price in the last year is about $500k.
Woodbridge
This neighborhood is located just west of Midtown and is known for its tree-lined streets and historic homes. It is also home to Wayne State University, which provides a steady supply of renters.
The average home price in Woodbridge, Detroit in the last year is about $350k.
The main zip codes in this area include 48201 and 48208.
Bagley
Bagley is a residential neighborhood located on the northwest side of Detroit. Known for its diverse mix of homes and tree-lined streets, Bagley is a popular area for renters seeking a more suburban feel within the city. The neighborhood is home to several schools, which provides a steady supply of renters for landlords. Additionally, Bagley is located close to major roads and freeways, providing residents with easy access to the city’s many amenities. Investing in Bagley can provide landlords with a stable source of rental income and the potential for appreciation in property values.
The zip codes in this area include 48221 and 48223.
View our available rental properties near Bagley
Indian Village
Indian Village is a historic neighborhood located on the east side of Detroit. It is known for its grand, historic homes that were built in the early 20th century. The neighborhood is home to many well-maintained parks and tree-lined streets, making it a desirable area for renters. Indian Village is also home to several schools, which provides a steady supply of renters for landlords. Additionally, the neighborhood is located just minutes away from downtown Detroit, providing residents with easy access to the city’s many amenities. Investing in Indian Village can provide landlords with a stable source of rental income and the potential for appreciation in property values.
The average home price in Indian Village, Detroit in the last year is about $400-450k.
The main zip code in this area include 48214.
Palmer Woods
Palmer Village is a historic neighborhood located on the northwest side of Detroit. Known for its large homes and well-maintained streets, Palmer Village is a desirable location for renters seeking a more suburban feel within the city. The neighborhood is home to the Palmer Woods Homes Association, which helps to maintain the area’s property values and the community. Additionally, Palmer Village is located close to major roads and freeways, providing residents with easy access to the city’s many amenities. Investing in Palmer Village can provide landlords with a stable source of rental income and the potential for appreciation in property values.
The average home price in Palmer Woods, Detroit in the last year is about $600-700k.
The main zip codes in this area include 48203, 48238, and 48235.
View our available rental properties in Palmer Woods
Jefferson-Chalmers
Jefferson-Chalmers is a historic neighborhood located on the east side of Detroit. Known for its historic homes and well-maintained parks, Jefferson-Chalmers is a desirable area for renters seeking a more traditional neighborhood feel. The neighborhood is home to several schools, which provides a steady supply of family renters for landlords. Additionally, Jefferson-Chalmers is located close to the city’s downtown, providing residents with easy access to the city’s many amenities.
The average home price in Jefferson-Chalmers, Detroit in the last year is about $150k.
The main zip code in this area includes 48215.
Other Nice Neighborhoods to Buy Detroit Rental Properties
The neighborhoods above are some of the most desirable neighborhoods in Detroit. These areas can be very lucrative but are also more expensive.
There are also many other areas of the city that are excellent for cash flowing rental properties in Detroit. Properties in these areas are not as luxurious, but they can be an excellent source of income for investors. Be sure to check out our turnkey rentals for sale in Detroit to see all available properties.
Wrapping Up – Best Neighborhoods in Detroit for Rental Properties
In conclusion, Detroit has many neighborhoods that are worth considering for rental property investment. Each of the neighborhoods mentioned above has its own unique characteristics and offers different opportunities. Whether you’re looking for a historic home in a walkable neighborhood, a trendy area with lots of restaurants and nightlife or an affordable cash flowing rental, Detroit has something to offer. By investing in rental properties in one of these neighborhoods, you can take advantage of Detroit’s growing economy and secure a profitable future. For more details about Detroit’s specific neighborhoods, check out this interactive map. Hopefully this guide answers all of your questions about the neighborhoods in Detroit for rental properties. Contact us today if you have any questions or would like more information about our turnkey rental properties for sale in Detroit.