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Flint’s Apartment Performance Remains Solid

Flint’s Apartment Performance Remains Solid

Apartment performance in Flint, MI is holding strong, despite challenges the metro has faced in recent years. Apartment occupancy in Flint has registered above 95% since November 2018 and effective asking rents have increased roughly 5% to 10% year-over-year for the past seven months. As of March 2021, the Flint apartment market recorded occupancy of 97.5%, a 450-basis point improvement from the recent low of 93% in January 2017. Rents have also made notable improvement recently, climbing 8.8% in the year-ending March 2021, which was the fourth-best performance nationwide. But like most markets around the nation, Flint is bifurcated. Among Flint’s two submarkets, the more expensive South Flint is doing very well, with occupancy of 98.4%, while North Flint was just 94.6% occupied. That divide also extended to rent growth. South Flint logged annual rent growth of 10.3% in March and North Flint recorded much more modest growth of 2.7%. As of March, North Flint averaged monthly rents of $655 compared to South Flint’s monthly rate of $872.