Detroit, a once underpopulated city in Michigan, recently reported a landmark development. New Census Bureau estimates for 2023 show that from July 1st, 2022, to July 1st, 2023, Detroit’s population grew by 1,852 people. This brought the total to 633,218. For the first time in 66 years, Detroit has grown in population. This significant milestone marks a positive turn for Michigan’s largest city and presents an attractive opportunity for RealT and our token holders.
The city’s population is down from its 2020 level. But the recent year-over-year increase shows clear signs of revival. New apartments, renovated houses, and a general sense of vibrancy are evidence of the city’s resurgence. Mayor Duggan also credited the return of automakers and other companies. They brought back jobs, which are essential for population growth.
Upon taking office in 2014, Mayor Duggan set about tackling Detroit’s massive blight problem and to grow its population. More than 25,000 houses were razed. They were mostly funded by the federal government. Another 15,000 houses were renovated or are in the process. This has greatly improved the city’s landscape. Currently, about 4,500 vacant houses remain, many of which are slated for demolition or renovation. “As we remove blight, more and more people are moving into the good houses,” Duggan explained.
With over +400 properties based in Detroit, RealT chose this city for tokenized investments due to its low property prices that offer great potential for growth. In 2019, population numbers weren’t so great, but with work and investments, things have been looking up for this Michigan City.
Why this is positive for RealT’s community
- Increased property demand: As the population grows, so does the demand for housing. This increase can raise property values and rental rates. It will directly help RealT’s property investments and, thus, token holders.
- Urban revitalization: new apartments are being built, parks are being well-maintained, and existing homes are being renovated. These developments signal a healthy real estate market. Since 2019, RealT has joined in these renovations and home fixing. This has created more opportunities to invest in properties likely to gain value. This is done to provide bigger returns for token holders.
- Stability and Economic Growth: A growing population often brings economic benefits. These include more businesses, jobs, and a broader tax base. Steady population growth suggests a stable and promising real estate market. These factors contribute to the overall prosperity of the city, making it a more attractive place for further investment.
Single-family residences, multi-family homes, duplexes, quadplexes, and buildings — these RealT properties are located in concentric circles. RealT uses an economy of scale strategy. The properties are close to each other, which reduces management costs, minimizes contractors’ travel time, and makes operations more efficient.
As Detroit becomes a more vibrant and dynamic city, it attracts more residents and businesses. This trend can lead to improved infrastructure, better services, and a higher quality of life, making RealT properties even more desirable. With more token holders investing in these properties, outside investors can step up and also do big restorations.
To summarize, Detroit’s population rising is good for RealT and our token holders. The city’s growth shows a turnaround after a past decline. It highlights the potential for more profitable real estate investments. At RealT, we hope to contribute to population growth in more cities and states, with RWA tokenization and diversification.
Take a look at the properties available on RealT: https://realt.co/ and follow our social media below.
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