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Chicago & Midwest  + Midwest  + Apartments  | 

Detroit Multifamily Vacancies at Five-Year Low

Even with additional inventory coming on line, the Detroit metro area’s vacancy rate is at a five-year low, says Marcus & Millichap in its fourth-quarter report. Overall vacancy hovers below 4% in all but three submarkets.

In buildings completed since 2010, vacancy dropped 110 basis points year over year to 1.8% as of the third quarter, the tightest rate among vintages, Marcus & Millichap says.

Meanwhile, even as ground-up construction of new apartments is underway in the suburbs and District Detroit near downtown, the conversion of older buildings into apartments continues.

One of the latest plans for redevelopment is the historic Albert Kahn Building on Second Avenue in Detroit. The project will bring 211 rentals and roughly 75,000 square feet of commercial space to the market.

Demand is expected to continue, thanks to Detroit’s job gains. Marcus & Millichap cites more than 12,500 households formed over the past year.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
  • ◦Lease
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