Detroit's population has shown a positive trend, increasing by about 1.34% year-over-year to reach approximately 4.4 million in 2024, following a decline in the previous years. This upward movement is supported by a net migration of 15,003 individuals, indicating a modest influx of residents. The median household income stands at $76,403, while the unemployment rate is recorded at 4.9%. With an employment base of over 2.1 million, the economic landscape appears stable, although the renter share remains relatively low at 28.7%, suggesting potential demand for rental housing as the population grows.
In the multifamily sector, the HUD Fair Market Rent for a two-bedroom unit is set at $1,380, which is below the asking rent of $1,690. Year-over-year multifamily rent growth has been robust at 4.4%, aligning with a median gross rent of $1,248. This growth indicates a strengthening rental market, although the affordability of housing could be a concern given the disparity between fair market rents and asking prices. The current momentum in rent growth suggests continued demand for multifamily housing, driven by the population increase and economic stability.
In the capital markets, the multifamily cap rate is reported at 8.32%, which is approximately 128 basis points higher than the national median of 7.04%. Over the trailing 24 months, there have been 362 transactions with a total volume of about $123 million, resulting in a median price per unit of $157,550, which is about 21% lower than the national benchmark. This pricing dynamic reflects a market that may offer opportunities for value-oriented investors. CBRE Research notes that the ongoing trends in migration and employment could further influence the multifamily landscape in the coming quarters.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
CLINTON TOWNSHIP, MICH. — Dick’s House of Sport will join the Mall at Partridge Creek as its final anchor store. The tenant will occupy the former Nordstrom space at the west end of the mall, creating a 116,000-square-foot store. The new store will offer a wide assortment of products along…
CHICAGO — Newmark has arranged the $30 million sale of Block 37, a 277,654-square-foot trophy retail property located in downtown Chicago. Block 37 comprises five floors of retail space anchored by a mix of tenants including Zara, Sephora, AMC Theatres and The Dearborn, and a four-level underground parking garage. The…
DETROIT — The Detroit Tigers and Fifth Third Bancorp (NYSE: FITB) have announced that Comerica Park will become Fifth Third Park. The naming rights transition follows Fifth Third’s acquisition of Comerica in February. After the merger, Fifth Third became the largest retail deposit holder in both Michigan and Detroit, established…
ROMULUS, MICH. — Amazon has moved into Building 4 at Romulus Trade Center in Michigan. Contegra Construction completed the 312,474-square-foot industrial building on behalf of NorthPoint Development. The property was completed in June after a seven-month construction process and joins five other buildings in the industrial park, which is located…
DETROIT — Bernard Financial Group (BFG) has arranged a $5 million loan for the refinancing of a 114-unit multifamily property in Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Orleans Owner LLC. A life insurance company provided the loan. The post Bernard Financial Group Secures…
The potential buyer and sellers in a condo deconversion negotiation at 200 North Dearborn Street are both alleging the other side is blurring legal lines as condo owners mull over a $98 million offer for a bulk purchase of the building. YK Investments, a venture led by Skokie, Illinois-based Strategic…
| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2025-05-22 | 11344 Belleterre Ave, Detroit, MI 48204 | Multifamily | 1 | $115K | $115,000 |
| 2025-05-19 | 140 Summit St, Pontiac, MI 48342 | Multifamily | — | $252K | — |
| 2025-05-16 | 7409 2nd Ave Unit A4, Detroit, MI 48202 | Multifamily | 1 | $150K | $150,000 |
| 2025-05-14 | 1121 Montie Rd, Lincoln Park, MI 48146 | Multifamily | — | $173K | — |
| 2025-05-14 | 2657 Northwestern St, Detroit, MI 48206 | Multifamily | 1 | $185K | $184,500 |
| 2025-05-09 | 4301 Tyler St, Detroit, MI 48238 | Multifamily | 1 | $120K | $120,000 |
| 2025-05-09 | 2362 Carson St, Detroit, MI 48209 | Multifamily | 1 | $200K | $200,000 |
| 2025-05-08 | 5745 Marlborough St, Detroit, MI 48224 | Multifamily | — | $130K | — |
| 2025-05-08 | 7728 Pitt St, Detroit, MI 48209 | Multifamily | 50 | $2.1M | $42,000 |
| 2025-05-07 | 7604 Jackson Ave, Warren, MI 48091 | Multifamily | — | $114K | — |
| 2025-05-01 | 2719 Woodstock Dr, Highland Park, MI 48203 | Multifamily | 1 | $310K | $310,000 |
| 2025-05-01 | 2484 Woodmere St, Detroit, MI 48209 | Multifamily | 4 | $445K | $111,250 |
| 2025-04-30 | 3154 Van Alstyne St, Wyandotte, MI 48192 | Multifamily | — | $340K | — |
| 2025-04-30 | 142 Leicester Ct, Detroit, MI 48202 | Multifamily | 1 | $102K | $102,000 |
| 2025-04-30 | 1108 Coplin St, Detroit, MI 48215 | Multifamily | 1 | $221K | $221,000 |
| 2025-04-28 | 4661 Bedford St , Detroit, MI 48224 | Multifamily | 1 | $120K | $120,000 |
| 2025-04-28 | 31437 Alcona Ct, Westland, MI 48186 | Multifamily | 1 | $210K | $210,000 |
| 2025-04-25 | 2950 Fullerton St, Detroit, MI 48238 | Multifamily | 1 | $275K | $275,000 |
| 2025-04-25 | 32209 Ontonagon St, Westland, MI 48186 | Multifamily | 1 | $213K | $212,500 |
| 2025-04-23 | 3140 Gloria St, Wayne, MI 48184 | Multifamily | 1 | $300K | $300,000 |
| 2025-04-23 | 10027 Elmira St, Detroit, MI 48204 | Multifamily | — | $105K | — |
| 2025-04-23 | 5021 Caniff St, Hamtramck, MI 48212 | Multifamily | — | $300K | — |
| 2025-04-23 | 1735 Granet Ave, Hazel Park, MI 48030 | Multifamily | — | $280K | — |
| 2025-04-22 | 3344 Edwin St, Hamtramck, MI 48212 | Multifamily | — | $233K | — |
| 2025-04-22 | 2283 Edwin St, Hamtramck, MI 48212 | Multifamily | — | $240K | — |
| 2025-04-22 | 19143 Berg Rd, Detroit, MI 48219 | Multifamily | 40 | $1.8M | $44,000 |
| 2025-04-22 | 9500 Charest St, Hamtramck, MI 48212 | Multifamily | — | $247K | — |
| 2025-04-22 | 503 Alger St, Detroit, MI 48202 | Multifamily | 2 | $480K | $240,000 |
| 2025-04-21 | 5027 Middlesex St, Dearborn, MI 48126 | Multifamily | — | $225K | — |
| 2025-04-21 | 444 W Willis St Unit 84-200, Detroit, MI 48201 | Multifamily | — | $414K | — |
| 2025-04-21 | 16918 Hubbell St, Detroit, MI 48235 | Multifamily | 1 | $165K | $165,000 |
| 2025-04-21 | 319 Parent Ave, Royal Oak, MI 48067 | Multifamily | — | $333K | — |
| 2025-04-18 | 11339 Moran St, Hamtramck, MI 48212 | Multifamily | — | $217K | — |
| 2025-04-18 | 5115 Yorkshire Rd, Detroit, MI 48224 | Multifamily | 1 | $225K | $225,000 |
| 2025-04-18 | 31 Washington St, Mount Clemens, MI 48043 | Multifamily | — | $200K | — |
| 2025-04-17 | 31954 Charlevoix Ct, Westland, MI 48186 | Multifamily | 1 | $124K | $123,600 |
| 2025-04-16 | 15800 Tuller St, Detroit, MI 48238 | Multifamily | — | $195K | — |
| 2025-04-15 | 16222 Schaefer Hwy, Detroit, MI 48235 | Multifamily | 10 | $275K | $27,500 |
| 2025-04-15 | 17145 Wisconsin St, Detroit, MI 48221 | Multifamily | 1 | $130K | $130,000 |
| 2025-04-14 | 2082 Vernier Rd, Grosse Pointe Woods, MI 48236 | Multifamily | — | $335K | — |
| 2025-04-11 | 12567 Pinehurst St, Detroit, MI 48204 | Multifamily | 1 | $280K | $280,000 |
| 2025-04-11 | 19150 Tireman St, Detroit, MI 48228 | Multifamily | 2 | $100K | $50,000 |
| 2025-04-11 | 2956 Clements St, Detroit, MI 48238 | Multifamily | 1 | $103K | $103,000 |
| 2025-04-11 | 9120 Lanco Ave, Detroit, MI 48204 | Multifamily | 1 | $140K | $140,000 |
| 2025-04-11 | 9537 Charest St, Hamtramck, MI 48212 | Multifamily | — | $295K | — |
| 2025-04-11 | 1101 Ashland St, Detroit, MI 48215 | Multifamily | — | $103K | — |
| 2025-04-11 | 6819 Middlepointe St, Dearborn, MI 48126 | Multifamily | — | $200K | — |
| 2025-04-11 | 2121 Clawson Ave #107, Royal Oak, MI 48073 | Multifamily | — | $112K | — |
| 2025-04-10 | 629 Gladstone St, Detroit, MI 48202 | Multifamily | 1 | $100K | $100,000 |
| 2025-04-09 | 20783 Audrey Ave, Warren, MI 48091 | Multifamily | — | $225K | — |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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