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Market Report

Detroit Multifamily Market Report

3Q 2022

High-Skill Labor Market Developments to Foster Household
Formation and Renter Demand in Detroit

Suburban vacancy holds below pre-pandemic trend. Since 2020, vacancy in Detroit's suburbs has fallen 190 basis points below the long-term average as renters sought larger units in areas of reduced density. While some renters have returned to urban living, many millennials continue to value more spacious floor plans, enabling suburban vacancy to stay low. The 2.8 percent rate at the onset of July reflects this, with northern suburbs like Troy-Rochester Hills, Novi-Livingston County and Pontiac-Auburn Hills recording vacancies beneath the suburban average. Income growth at a top 15 rate nationally should continue to aid household formation measures in these northern suburbs moving forward.
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