Detroit Apartments Benefit From Limited Building

by Analytics Contributor
  in   Insights

Limited building has helped boost Detroit’s apartment performance metrics. Detroit’s 2.3% inventory this cycle – which translates to about 6,800 units built since 2010 – is the lowest across the top 50 U.S. markets. While apartment demand there hasn’t been stellar, it’s been enough to give Detroit occupancy rates and rent growth levels above the national norm over the past few years. As of mid-2018, occupancy stood at 96.5%, and annual rent growth landed at 3.0%.