There is a bright spot growing in the long-beleaguered rental market.
Occupancy rose 3% last year at the 1,600 units in metro Detroit owned by Kaftan Enterprises, said owner Jeffrey Kaftan, who also is president of the Apartment Association of Michigan.
“The apartment market has really been hurt for the past four years because of the proliferation of condos and easy money,” Kaftan said. “We now are starting to see that change.”
Kaftan said he expects the trend to continue this year as the buyers’ market continues and tight credit keeps some potential home buyers on the sidelines.