Multifamily Housing Remains Stable

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DETROIT-As the year draws to a close amid a still uncertain and arguably sluggish economy, numbers racked up for the multifamily market during the third quarter. According to the Midwest Apartment Update 2005 report issued by Hedricks & Partners, multifamily numbers were fairly stable, featuring steady vacancy rates and modest rent growth.

The vacancy rate metro-wide was at 6.9%, up slightly from the same period, the year before, which was at 6.7%. The highest vacancy rate for Q3 was found in Northeast Wayne County at 8.1%, which was a definite reduction from the 9.8% vacancy experienced during the same period the year before. North Oakland County’s vacancy rate of 5.2% was also a decline from the prior year’s Q3 reporting of 6.6%.