Detroit Apartment Fundamentals Continue to Soften

DETROIT, MI— In the Detroit metro, a weakened employment base continues to place downward pressure on local apartment fundamentals, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

During the past year, steep layoffs have pushed vacancy rates in both Class A and Class B/C complexes higher, with top-tier vacancy rising to its highest level in more than two decades, forcing owners to lower rents.

“Although local apartment assets provide some of the nation’s highest initial yields, investment activity continues to slow due to the high level of distress in the Detroit economy,” says Steven Chaben, (top left photo) regional manager of the Detroit office of Marcus & Millichap.


For additional information on the Detroit market, please contact Stacey Corso, Communications Department, (925) 953-1716