Metro Detroit Property Management
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About Property Management Services from Cherry Hill
More than just collecting rents!
Contrary to a lot of people’s thoughts, good property management isn’t expensive, it usually saves money. It also saves you time and aggravation.
Every property has its' own challenges and needs an experienced property management team that can face those challenges successfully. It is important to make sure your property manager has provided these services in the past and understands some of the pitfalls that do happen.
About Metro Detroit
The Wikipedia Website describes Metro Detroit this way:
The Detroit metropolitan area, often referred to as Metro Detroit, is a major metropolitan area in Southeast Michigan, consisting of the city of Detroit and its surrounding area. There are several definitions of the area, including the official statistical areas designated by the Office of Management and Budget, a federal agency of the United States. Metro Detroit is known for its automotive heritage, arts, entertainment, popular music, and sports. The area includes a variety of natural landscapes, parks, and beaches, with a recreational coastline linking the Great Lakes. It is one of the nation's largest metropolitan economies, with seventeen Fortune 500 companies.
The Detroit Urban Area, which serves as the metropolitan area's core, ranks as the 11th most populous in the United States, with a population of 3,734,090 as of the 2010 census and an area of 1,337.16 square miles (3,463.2 km2). This urbanized area covers parts of the counties of Macomb, Oakland, and Wayne. These counties are sometimes referred to as the Detroit Tri-County Area and had a population of 3,862,888 as of the 2010 census with an area of 1,967.1 square miles (5,095 km2).
The Office of Management and Budget (OMB), a federal agency of the United States, defines the Detroit–Warren–Dearborn Metropolitan Statistical Area (MSA) as the six counties of Lapeer, Livingston, Macomb, Oakland, St. Clair, and Wayne. As of the 2010 census, the MSA had a population of 4,296,250 with an area of 3,913 square miles (10,130 km2).
The nine county area designated by the OMB as the Detroit–Warren–Ann Arbor Combined Statistical Area (CSA) includes the Detroit–Warren–Dearborn MSA and the three additional counties of Genesee, Monroe, and Washtenaw (which include the metropolitan areas of Flint, Monroe, and Ann Arbor, respectively). It had a population of 5,318,744 as of the 2010 census and covers an area of 5,814 square miles (15,060 km2). Lenawee County was removed from the CSA in 2000, but added back in 2013.
With the adjacent city of Windsor, Ontario and its suburbs, the combined Detroit–Windsor area has a population of about 5.7 million. When the nearby Toledo metropolitan area and its commuters are taken into account, the region constitutes a much larger population center. An estimated 46 million people live within a 300-mile (480 km) radius of Detroit proper. Metro Detroit is at the center of an emerging Great Lakes Megalopolis.
Detroit and the surrounding region constitute a major center of commerce and global trade, most notably as home to America's 'Big Three' automobile companies: General Motors, Ford, and Chrysler. Detroit's six-county Metropolitan Statistical Area (MSA) has a population of about 4.3 million and a workforce of about 2.1 million. In May 2012, the Department of Labor reported metropolitan Detroit's unemployment rate at 9.9%. The Detroit MSA had a Gross Metropolitan Product (GMP) of $197.7 billion in 2010.
Firms in the region pursue emerging technologies including biotechnology, nanotechnology, information technology, and hydrogen fuel cell development.
Metro Detroit is one of the leading health care economies in the U.S., according to a 2003 study measuring health care industry components, with the region's hospital sector ranked fourth in the nation.
Compuware World Headquarters viewed from Bagley Memorial Fountain on Cadillac Square Casino gaming plays an important economic role, with Detroit the largest US city to offer casino resort hotels. Caesars Windsor, Canada's largest, complements the MGM Grand Detroit, MotorCity Casino, and Greektown Casino in the city. The casino hotels contribute significant tax revenue along with thousands of jobs for residents. Gaming revenues have grown steadily, with Detroit ranked as the fifth largest gambling market in the United States for 2007. When Casino Windsor is included, Detroit's gambling market ranks either third or fourth.
There are about four thousand factories in the area. The domestic auto industry is primarily headquartered in Metro Detroit. The area is also an important source of engineering job opportunities. A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Detroit–Windsor region and $13 billion in annual production depend on the city's international border crossing.
A rise in automated manufacturing using robotic technology has created related industries in the area.
In addition to property taxes, residents pay an income tax rate of 2.50%.
Detroit automakers and local manufacturers have made significant restructurings in response to market competition. GM made its initial public offering (IPO) of stock in 2010, after bankruptcy, bailout, and restructuring by the federal government. Domestic automakers reported significant profits in 2010, interpreted by some analysts as the beginning of an industry rebound and an economic recovery for the Detroit area.
The region's nine county area with its population of 5.3 million has a workforce of about 2.6 million with about 247,000 businesses. Fourteen Fortune 500 companies are based in metropolitan Detroit. In April 2015, the metropolitan Detroit unemployment rate was 5.1 percent, a rate lower than the New York, Los Angeles, Chicago and Atlanta metropolitan areas. Metro Detroit has made Michigan's economy a leader in information technology, biotechnology, and advanced manufacturing; Michigan ranks fourth nationally in high tech employment with 568,000 high tech workers, including 70,000 in the automotive industry. Michigan typically ranks second or third in overall Research and development (R&D) expenditures in the United States. Metro Detroit is an important source of engineering and high tech job opportunities. As the home of the "Big Three" American automakers (General Motors, Ford, and Chrysler), it is the world's traditional automotive center and a key pillar of the U.S. economy. In the 2010s, the domestic auto industry accounts, directly and indirectly, for one of ten jobs in the United States, making it a significant component for economic recovery.
For 2010, the domestic automakers have reported significant profits indicating the beginning of rebound. A Center for Automotive Research (CAR) study estimated that tax revenue generated by the automotive industry in the United States for a single year, 2010, amounted to $91.5 billion in state and local tax revenue and additional $43 billion in federal tax revenue.
Metro Detroit serves as the headquarters for the United States Army TACOM Life Cycle Management Command (TACOM), with Selfridge Air National Guard Base. Detroit Metropolitan Airport (DTW) is one of America's largest and most recently modernized facilities, with six major runways, Boeing 747 maintenance facilities, and an attached Westin Hotel and Conference Center.
Detroit is a major U.S. port with an extensive toll-free expressway system. A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Detroit-Windsor region and $13 billion in annual production depend on Detroit's international border crossing. A source of top talent, the University of Michigan in Ann Arbor is one of the world's leading research institutions, and Wayne State University in Detroit has the largest single-campus medical school in the United States.
Metro Detroit is a prominent business center, with major commercial districts such as the Detroit Financial District and Renaissance Center, the Southfield Town Center, and the historic New Center district with the Fisher Building and Cadillac Place. Among the major companies based in the area, aside from the major automotive companies, are BorgWarner (Auburn Hills), Quicken Loans (Downtown Detroit), TRW Automotive Holdings (Livonia), Ally Financial (Downtown Detroit), Carhartt (Dearborn), and Shinola (Detroit). Compuware, IBM, Google, and Covansys are among the information technology and software companies with a headquarters or major presence in or near Detroit. HP Enterprise Services makes Detroit its regional headquarters, and one of its largest global employment locations. The metropolitan Detroit area has one of the nation's largest office markets with 147,082,003 square feet. Chrysler's largest corporate facility is its U.S. headquarters and technology center in the Detroit suburb of Auburn Hills, while Ford Motor Company is in Dearborn, directly adjacent to Detroit. In the decade leading up to 2006, downtown Detroit gained more than $15 billion in new investment from private and public sectors.
Tourism is an important component of the region's culture and economy, comprising nine percent of the area's two million jobs. About 15.9 million people visit metro Detroit annually, spending about $4.8 billion. Detroit is the largest city or metro area in the U.S. to offer casino resort hotels (MGM Grand Detroit, MotorCity Casino, Greektown Casino, and nearby Caesars Windsor).
Metro Detroit is a tourist destination easily accommodating super-sized crowds to events such as the Woodward Dream Cruise, North American International Auto Show, the Windsor-Detroit International Freedom Festival, 2009 NCAA Final Four, and Super Bowl XL. The Detroit International Riverfront links the Renaissance Center a series of venues, parks, restaurants, and hotels. In 2006, the four-day Motown Winter Blast drew a cold weather crowd of about 1.2 million people to Campus Martius Park area downtown.
Detroit's metroparks include fresh water beaches such as Metropolitan Beach, Kensington Beach, and Stony Creek Beach. Metro Detroit offers canoeing through the Huron-Clinton Metroparks as well as downhill and cross-county skiing at Alpine Valley Ski Resort, Mt. Brighton, Mt. Holly, and Pine Knob Ski Resort. The Detroit River International Wildlife Refuge is the only international wildlife preserve in North America, uniquely located in the heart of a major metropolitan area. The Refuge includes islands, coastal wetlands, marshes, shoals, and waterfront lands along 48 miles (77 km) of the Detroit River and Western Lake Erie shoreline.
Metro Detroit contains a number of shopping malls, including the upscale Somerset Collection in Troy, Great Lakes Crossing outlet mall in Auburn Hills, and Twelve Oaks Mall in Novi, all of which are draws for tourists.
The region's leading attraction is The Henry Ford, located in the Detroit suburb of Dearborn, which is America's largest indoor-outdoor museum complex. The recent renovation of the Renaissance Center, a state of the art cruise ship dock, new stadiums, and a new RiverWalk have spurred economic development. Nearby Windsor has a 19-year-old drinking age with a myriad of entertainment to complement Detroit's Greektown district. Tourism planners have yet to tap the potential economic impact of the estimated 46 million people that live within a 300-mile (480-km) radius of Detroit.