Detroit Multifamily Figures Q2 2022

Market Summary

‒ The occupancy rate increased to 96.0% in Q2 2022. Occupancy hasn’t dipped below 95.0% since Q2 2020.

‒ The average asking rental rate increased to $1.41 per square foot (sq. ft.).

‒ Development continues to surge. At the end of Q2 2022, there were 4,106 units under construction, spread across 21 buildings.

During Q2 2022, the Metro Detroit multifamily market experienced an increase in both average asking rental rate and occupancy. The average asking rental rate increased to $1.41 per sq. ft., marking a 25.9% rise over the past five years. Across all unit types, the monthly rental rate averaged $1,319 during the quarter. Occupancy increased 10 basis points (bps) to 96.0%, quarter over quarter, remaining above 95.0% since Q2 2020. As market trends have continued in a positive direction, so has development. 12 new projects have delivered over the trailing 12 months and 21 projects are currently under construction, positioned to bring 4,106 new units to the market.