Great Lakes Apartment Performance Slowing
The apartment market in the Great Lakes region is moderating much like the rest of the U.S., though the downturn is not as deep. Back in 2020, this part of the country was essentially stable, with apartment rents and occupancy performing in contrast to the U.S. norm, which was suffering a downturn. When the national market recovered suddenly and strengthened, the Great Lakes region didn’t sway too far upward with the rest of the country either. In 2022, as the U.S. is once again seeing a decline in performance, and the Great Lakes region, while also seeing a slowdown, again remains essentially stable. It’s clear that 2021 was clearly an outlier for the apartment market performance in the Great Lakes. But even then, the region didn’t come close to the increases seen in other parts of the country.
For more information on the state of the Great Lakes apartment markets, including forecasts, watch the webcast Market Intelligence: Q4 Great Lakes Region Update.