Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
MichiganMultifamily

The stats prove it: Detroit-area apartment units still drawing in the renters

Dan Rafter December 15, 2019
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Detroit isn’t unlike most Midwest cities when it comes to its multifamily market: Construction of new apartment units is rising while vacancies of existing ones are falling.

That’s the takeaway from Marcus & Millichap’s fourth-quarter Detroit multifamily report.

According to the report, Detroit’s multifamily vacancy rate will drop to 3.2 percent by the end of the year. This is the continuation of a trend: Marcus & Millichap reports that Detroit’s apartment vacancy rate fell to its lowest level since 2000 in the third quarter of the year.

On a year-over-year basis, the area’s multifamily vacancy rate has dropped 50 basis points on a year-over-year basis.

The news is good when it comes to monthly rents, too. Marcus & Millichap reported that after climbing 3.8 percent last year, the average effective rent hit a new high in 2019, reching $1,007 a month in the fourth quarter. That’s an increase of 4.6 percent in effective rents.

With the market this strong, it’s not surprising that developers have reacted. Marcus & Millichap reported that developers will have completed 1,400 new apartment units during 2019. That’s well above last year, when developers added 800 units to the Detroit market.

Tags
DetroitMarcus & MillichapMichiganmultifamily
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
TexasOffice

Ryan Companies breaks ground on 23-story Ryan Tower at Legacy West

June 30, 2022
TexasIndustrial

Last-mile Amazon distribution facility sells in Dallas-Fort Worth

June 30, 2022
IndianaRetail

New retail tenant signs lease at Flaherty & Collins development in Indiana

June 30, 2022
MichiganMultifamily

Kaftan Communities purchases 118-unit townhome development in Detroit area

June 30, 2022

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise/Editorial Calendar
© 2022 REjournals.com