{"id":4678,"date":"2022-09-09T08:52:51","date_gmt":"2022-09-09T08:52:51","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4678"},"modified":"2023-09-13T05:19:07","modified_gmt":"2023-09-13T05:19:07","slug":"august-2022-detroit-housing-market","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/august-2022-detroit-housing-market\/","title":{"rendered":"[August 2022] Detroit Housing Market"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Detroit Idles Growth<\/strong><\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-march-2022\/\">Detroit\u2019s recovery continued well into 2022<\/a><\/strong>, with fundamentals staying healthy. <strong>Average asking rents rose 0.8%<\/strong> on a trailing three-month (T3) basis through June, to $1,228, 30 basis points below the national rate and still relatively affordable compared to the $1,706 U.S. figure. Detroit\u2019s limited new inventory continued to boost rent development. And even though the occupancy rate in stabilized properties declined 50 basis points in the 12 months ending in May, it still remained high, at 96.5%.<\/p>\n\n\n\n<p><strong>The unemployment rate in Detroit stood at 4.9% in May,<\/strong> a 20-basis-point improvement from January, trailing the state (4.3%) and the U.S. (3.6%), according to the Bureau of Labor Statistics. Employment expanded 5.1%, or 89,000 jobs, in the 12 months ending in May, surpassing the national rate by 40 basis points. Leisure and hospitality led gains (13.2%, 20,700 jobs), followed by Detroit\u2019s largest sectors\u2014trade, transportation and utilities and professional and business services\u2014which added 33,500 jobs combined. As economic volatility intensified, the metro\u2019s tech ecosystem and the recent and upcoming expansions in the automotive industry are poised to sustain the recovery.<\/p>\n\n\n\n<p><strong>Developers delivered 1,203 units in 2022 through June<\/strong>, already reaching the annual average for the past decade. Meanwhile, investors traded $419 million in multifamily assets for a price per unit that rose 49.4% year-over-year, to $150,239.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2662-MatrixMultifamilyDetroitReport-August2022\">Matrix Multifamily Detroit Report-August 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 Idles Growth Detroit\u2019s recovery continued well into 2022, with fundamentals staying healthy. Average asking rents rose 0.8% on a trailing three-month (T3) basis through June, to $1,228, 30 basis points below the national rate and still relatively affordable compared to the $1,706 U.S. figure. Detroit\u2019s limited new inventory continued to boost rent development. And [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4679,"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-4678","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>[August 2022] Detroit Housing Market - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Detroit rents rose 0.8% on a T3 basis through June, to $1,228, as occupancies slowed but remained relatively high, at 96.5 percent in May.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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