MARKET SNAPSHOT

Detroit q1 2025

AVERAGE RENT

$1,333 Q1 2025

OCCUPANCY RATE

93.4% Q1 2025

QUARTERLY NET ABSORPTION

827 Q1 2025

ANNUAL RENT CHANGE

3.0% Q1 2025

ANNUAL OCCUPANCY CHANGE

+20 BPS Q1 2025

QUARTERLY COMPLETIONS

268 Q1 2025

KEY TAKEAWAYS
Rent Growth Outpaces National Average: With a 3.0% year-over-year increase in effective rent, Detroit ranks among the top five U.S. metros for rent growth—well ahead of the national average of 1.2%.
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Occupancy Recovery Underway: The average occupancy rate climbed to 93.4%, up 60 basis points from the recent low in late 2023, signaling improving supply-demand dynamics and a likely continuation of this upward trend.
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Demand Outstripping Supply: Net absorption in Q1 2025 was more than double the 10-year average and over three times higher than new deliveries. Meanwhile, construction activity has slowed to its lowest level since 2020, signaling tightening market conditions ahead.
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Alex Blagojevich

Alex Blagojevich

Executive Managing Director / Co-Founder
Michael-Sullivan

Michael Sullivan

Executive Managing Director / Co-Founder
Brett

Brett Meinzer

Managing Director
New-Hire

Simon Turner

Senior Director
Thomas-Skevington-web

Thomas Skevington

Senior Advisor
Jake Sullivan_2023

Jake Sullivan

Senior Advisor

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