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Apartment Construction in Detroit Surges

Apartment Construction in Detroit Surges

In the past year, apartment construction volumes in Detroit have surged. In 3rd quarter 2020, just under 4,200 units were under construction in the market, about 88% of which will be completed over the next 12 months. In fact, the level of units under construction in Detroit has been steadily climbing since late 2017 and peaked at 5,024 units in 4th quarter 2019. This is the biggest volume of construction activity Detroit has seen since RealPage began tracking the market two decades ago. These construction volumes are well ahead of apartment deliveries that have averaged at about 1,100 units annually over the last five years. In the year-ending 3rd quarter 2020, Detroit saw just over 1,200 new units completed. That figure is set to more than triple in the coming year, as nearly 3,700 units are scheduled to come online.