{"id":665,"date":"2021-03-10T09:10:14","date_gmt":"2021-03-10T09:10:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=665"},"modified":"2023-03-10T08:13:22","modified_gmt":"2023-03-10T08:13:22","slug":"detroit-housing-market-trends-winter-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-winter-2021\/","title":{"rendered":"Detroit Housing Market Trends &#8211; Winter 2021"},"content":{"rendered":"<h2><strong>Smart Strategies Prepare Detroit Metro for Recovery <\/strong><\/h2>\n<p>As the state gears up for Gov. Gretchen Whitmer\u2019s Michigan COVID Recovery Plan, the metro\u2019s path to a future rebound\u2014as is the case with many other markets\u2014depends heavily on federal financial support and widespread vaccine rollouts. Despite the challenges Detroit faced in 2020, multifamily fundamentals remained relatively healthy\u2014rent growth persisted throughout the year and ramped up in the fourth quarter, with the average rate reaching $1,052 in December 2020 and holding through January.<\/p>\n<p>As of December, unemployment stood at 7.5% in Michigan and at 10.1% in metro Detroit, rates which were above the 6.7% national figure. In the 12 months ending in November, the metro lost a total of 191,700 jobs, with the leisure and hospitality sector (down 56,100 positions) carrying the weight of the economic dislocation. In continued efforts to facilitate recovery, the state has set up the Going PRO Talent Fund, which will distribute $39 million in grants to employers to train some 30,000 Michigan workers.<\/p>\n<p>Metro Detroit had 6,206 units under construction as of January, nearly 80% of which are aimed at high-income renters. Last year, developers completed 702 apartments, equal to 0.3% of total stock and well below the 2.2% U.S. rate. Meanwhile, some $225 million in assets traded in 2020, marking a 22.4% decline, compared to 2019.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1215-MatrixMultifamilyDetroitReport-Winter2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Detroit Report-Winter 2021<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Smart Strategies Prepare Detroit Metro for Recovery As the state gears up for Gov. Gretchen Whitmer\u2019s Michigan COVID Recovery Plan, the metro\u2019s path to a future rebound\u2014as is the case with many other markets\u2014depends heavily on federal financial support and widespread vaccine rollouts. Despite the challenges Detroit faced in 2020, multifamily fundamentals remained relatively healthy\u2014rent [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":667,"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-665","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 Housing Market Trends - Winter 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Steady rent growth persisted, with the rental average reaching $1,052 in December and holding through January.\" \/>\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-winter-2021\/\" \/>\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 - Winter 2021\" \/>\n<meta property=\"og:description\" content=\"Steady rent growth persisted, with the rental average reaching $1,052 in December and holding through January.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-winter-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-10T09:10:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:13:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/03\/Detroit-iStock-1227443958.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=\"Timea-Erika Papp\" \/>\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 - Winter 2021 - Yardi Matrix Blog","description":"Steady rent growth persisted, with the rental average reaching $1,052 in December and holding through January.","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-winter-2021\/","og_locale":"en_US","og_type":"article","og_title":"Detroit Housing Market Trends - Winter 2021","og_description":"Steady rent growth persisted, with the rental average reaching $1,052 in December and holding through January.","og_url":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-winter-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-03-10T09:10:14+00:00","article_modified_time":"2023-03-10T08:13:22+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/03\/Detroit-iStock-1227443958.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Timea-Erika Papp","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-winter-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/detroit-housing-market-trends-winter-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Detroit Housing Market Trends &#8211; 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