Detroit Multifamily Sector Exhibits Strength Toward Year-End

Detroit’s multifamily sector has experienced continued strength throughout the year. At the close of the third quarter, annual demand reached just over 4,500 units, coming in slightly below the record-setting demand of last year. With a few more months in the year, the greater Detroit market looks set to break last year's record. While supply has ramped up noticeably this year, it hasn’t been able to keep pace with demand, resulting in a multiyear low vacancy rate of 4.5%. Concessions in downtown and suburban areas have significantly compressed, currently sitting at the lowest levels in years.