According to Minna Sharrak of Leading Apartments, 2011 was an interesting year for the temporary housing industry in Michigan. With corporate relocations on the rise and the Michigan Film Incentive bringing productions from out of state, temporary housing was very much in demand.
The increased demand coupled with a surge in foreclosures brought a severe shortage of quality temporary housing in 2011. There has not been much in the way of new apartment construction in the past 10 years due to the fluctuations in the economy. Apartment complexes that were newer were always running at 99% occupancy. The low vacancy rate translated into less well maintained complexes being presented to incoming transferees as their only temporary housing option. Continue reading “Temporary Housing Outlook”