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Firm Says Multifamily Rental Market Could See Gains

DETROIT-Slow job growth limits prospects for the metropolitan area'smultifamily rental market, according to Marcus & Millichap's annual national rankings.

By Dan Heaton | Updated on January 25, 2005

DETROIT-Detroit fell five places to No. 35 in Marcus & Millichap’s annual national ranking of activity in local multifamily rental markets. Detroit fell primarily due to below-average job growth, says Marcus & Millichap.

“Vacancy will decline moderately, while rental rates will register the largest gain in two years. The Southfield submarket will outperform in terms of both vacancy and rents,” comments Steven R. Chaben, a first vice president and regional manager of the firm’s Detroit office. The real estate firm’s annual National Apartment Index analysis ranks 42 apartment markets based on a series of 12-month forward-looking supply and demand indicators.

The Pontiac/Waterford submarket is expected to post the largest decrease in vacancy in 2005, forecast to dip 60 basis points to 6.5%, by year end. The average asking rent is expected to increase 2% in 2005, to $814 per month.

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