{"id":3748,"date":"2022-04-07T08:00:51","date_gmt":"2022-04-07T08:00:51","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3748"},"modified":"2023-09-13T12:18:27","modified_gmt":"2023-09-13T12:18:27","slug":"detroit-housing-market-trends-march-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-march-2022\/","title":{"rendered":"Detroit Housing Market Trends\u00a0(March 2022)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">D<strong>etroit Housing Market Improves, Still Moderate<\/strong><\/h2>\n\n\n\n<p><strong>Motor City\u2019s recovery trajectory remained positive,<\/strong> as increased multifamily investor interest showcased strengthening confidence. Mirroring U.S. trends, rent growth softened at the beginning of the year, increasing 0.2% on a trailing three-month (T3) basis through January, to an average of $1,165. Detroit\u2019s occupancy rate in stabilized properties was 96.9% in December.<\/p>\n\n\n\n<p><strong>The unemployment rate rose to 4.3% in December<\/strong>, according to preliminary data from the Bureau of Labor Statistics, after fluctuating through the year. The metro added 81,400 jobs in the twelve months ending in November, a 5.2% increase year-over-year. Detroit\u2019s largest sector\u2014professional and business services\u2014was second in terms of growth, expanding by 24,900 jobs. Despite work from home still keeping white-collar workers away from the office, Bedrock\u2014the metro\u2019s largest real estate company\u2014made significant investments along the Detroit riverfront over the past year, with the purchase of The River Place portfolio and the 420,000-square-foot The Icon.<\/p>\n\n\n\n<p><strong>Construction activity bounced back <\/strong>by Detroit\u2019s standards, as <strong>developers completed 2,039 units in 2021<\/strong>, 0.9% of total stock and almost double compared to the previous year. The metro had 4,952 units under construction, with developers focusing entirely on Lifestyle assets, mostly in submarkets in the North and the urban core.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1546-MatrixMultifamilyDetroitReport-March2022\">Matrix Multifamily Detroit Report-March 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Detroit Housing Market Improves, Still Moderate Motor City\u2019s recovery trajectory remained positive, as increased multifamily investor interest showcased strengthening confidence. Mirroring U.S. trends, rent growth softened at the beginning of the year, increasing 0.2% on a trailing three-month (T3) basis through January, to an average of $1,165. Detroit\u2019s occupancy rate in stabilized properties was 96.9% [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[109,444],"class_list":["post-3748","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-2022"],"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 Housing Market Trends\u00a0(March 2022) - Yardi Matrix Blog<\/title>\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-housing-market-trends-march-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Detroit Housing Market Trends\u00a0(March 2022)\" \/>\n<meta property=\"og:description\" content=\"Detroit Housing Market Improves, Still Moderate Motor City\u2019s recovery trajectory remained positive, as increased multifamily investor interest showcased strengthening confidence. Mirroring U.S. trends, rent growth softened at the beginning of the year, increasing 0.2% on a trailing three-month (T3) basis through January, to an average of $1,165. Detroit\u2019s occupancy rate in stabilized properties was 96.9% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-march-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-07T08:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T12:18:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/04\/Detroit-iStock-1339285694.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucia Morosanu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Detroit Housing Market Trends\u00a0(March 2022) - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-march-2022\/","og_locale":"en_US","og_type":"article","og_title":"Detroit Housing Market Trends\u00a0(March 2022)","og_description":"Detroit Housing Market Improves, Still Moderate Motor City\u2019s recovery trajectory remained positive, as increased multifamily investor interest showcased strengthening confidence. 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