Matrix Multifamily Detroit Report-August 2024 August 21, 2024

Detroit Delivers Positive Rental Performance

Advertised asking rents in Detroit were up 0.6 percent on a T3 basis in June, clocking in at $1,277, 30 basis points higher than the national rate. It helped that developers added just 1,065 units in the first six months, and the metro’s delivery rate of 0.5 percent of existing stock was nearly half the national level.