{"id":2793,"date":"2022-01-06T15:10:59","date_gmt":"2022-01-06T15:10:59","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2793"},"modified":"2023-09-21T11:00:29","modified_gmt":"2023-09-21T11:00:29","slug":"detroit-multifamily-market-report-fall-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/detroit-multifamily-market-report-fall-2021\/","title":{"rendered":"Detroit Multifamily Market Report (Fall 2021)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Recovery Well Underway<\/h2>\n\n\n\n<p>Detroit\u2019s recovery was quicker than expected, and the faster pace helped the multifamily market by<strong> boosting healthy fundamentals throughout 2021.<\/strong> The limited inventory expansion kept demand in check, and the occupancy rate in stabilized properties rose 70 basis points in the 12 months ending in September, to 97.1%. Additionally, rents rose 1.1%, to $1,157 on a trailing three-month basis through October, albeit slower than the 1.5% U.S. average.<\/p>\n\n\n\n<p>Unemployment dropped to 3.8% as of September, according to preliminary data from the Bureau of Labor Statistics, outperforming the 4.8% U.S. average. The job market posted a solid 8.7% expansion in the 12 months ending in August, leading the 4.6% national rate. Following the leading leisure and hospitality sector\u2014up by 25,700 jobs\u2014were Detroit\u2019s largest sectors, which combined accounted for nearly half of all job additions. Several notable projects underway will likely maintain the recovery, including the Gordie Howe International Bridge and Stellantis\u2019 Mack Avenue Engine Complex.<\/p>\n\n\n\n<p>Developers brought online 1,483 units in 2021 through October and had another 5,289 apartments under construction. Meanwhile, transaction activity reached $338 million, surpassing both last year\u2019s and 2019\u2019s totals. The price per unit rose to $126,771, an 18.6% increase from pre-pandemic levels.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1375-MatrixMultifamilyDetroitReport-Fall2021\">Matrix Multifamily Detroit Report-Fall 2021<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 45px;\" aria-hidden=\"true\">\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Recovery Well Underway Detroit\u2019s recovery was quicker than expected, and the faster pace helped the multifamily market by boosting healthy fundamentals throughout 2021. The limited inventory expansion kept demand in check, and the occupancy rate in stabilized properties rose 70 basis points in the 12 months ending in September, to 97.1%. Additionally, rents rose 1.1%, [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[109,221],"class_list":["post-2793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-detroit","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Detroit Multifamily Market Report (Fall 2021) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Detroit\u2019s recovery was quicker than expected, and the faster pace helped the multifamily market by boosting healthy fundamentals throughout 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/detroit-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Detroit Multifamily Market Report (Fall 2021)\" \/>\n<meta property=\"og:description\" content=\"Detroit\u2019s recovery was quicker than expected, and the faster pace helped the multifamily market by boosting healthy fundamentals throughout 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/detroit-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-06T15:10:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T11:00:29+00:00\" \/>\n<meta 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