Detroit apartment rental market experiences low vacancy rate

Detroit's apartment market is set to receive new inventory.

Many Detroit-area property management companies may have dealt with mostly-full multifamily properties in recent months, but there is not much unused space in the city, according to a report completed jointly between D:hive and Downtown Detroit Partnership.

The occupancy rate for the city's downtown apartment market was 97 percent last month, which has forced long waiting lists in the area. However, this has prompted increased development, the Detroit Free Press explained, citing the report.

"[The market] is pretty full," Jeff Aronoff, executive director of D:hive, told the news source. "You hear this conclusion around town that downtown is basically full with occupancy in the upper 90 percent range, but that's never really been tied to any research methodology."

There are currently two apartment towers on the verge of opening, and this should occur before the winter, the news source noted. Additionally, several more properties will open next year, while others have plans for major construction conversions to add apartment units.

One property, Broderick Tower had tenants for all but 10 of its 124 units prior to its opening later this year, the report added.

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