Rent Growth Remains Strong
As of June, average advertised asking rents inched up 0.2% on a trailing three-month basis at the national level, according to the latest Yardi Matrix Detroit multifamily market report. However, Detroit recorded a 0.4% increase. Year-over-year, the gap was even wider, with the U.S. average up 0.9%, while the metro’s advertised asking rents climbed 2.9%. Overall occupancy in stabilized assets was 94.8% as of May, 20 basis points above the national average, as per the U.S. multifamily market outlook.
Detroit unemployment was 4.5% as of June, according to preliminary data from the Bureau of Labor Statistics. The figure was 40 basis points higher than the U.S. average. The metro’s total employment expanded 0.5% as of April, adding 12,600 net jobs. The $6.4 billion Gordie Howe International Bridge between Windsor in Canada and Detroit reached a construction milestone ahead of its anticipated completion in the fall. Structural work is nearing completion on the bridge, which will be the first new U.S.-Canada border crossing in decades. Construction on another infrastructure project, the $300 million I-375 Reconnecting Communities Project, is expected to kick off in the fall.
Year-to-date through June, developers added 1,200 units to Detroit’s stock. The metro’s pipeline included some 3,100 units under construction, as well as 28,000 units in the planning and permitting stages. Investment volume dropped, as only $41 million traded in the first half of 2025, a substantial decline from the $145 million recorded during the same period of 2024.
Read the full Yardi Matrix Detroit Multifamily Market Report: August 2025
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