Market Insights | Spring 2023 | Detroit

February 17, 2023

Detroit had record-setting renter demand in recent years, along with an impressive surge in rent growth and a tightened reign on vacancy rates. From mid-2020 through the first half of 2022, annual rent growth escalated on par with demand for more space for working-at-home positions, particularly in submarkets farther from the city and amenity-rich 4- & 5-Star developments. The second half of 2022 reflected a return of demand in the urban core as renters started returning to the workplace.