X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The multifamily market vacancies in metropolitan Detroit should not go higher than 6.5% in 2003, and absorption should stay the same because of slow new construction, said Hendricks and Partners in a recent forecast report.

The Detroit market averaged 6% vacancy at the end of 2002, said the Phoenix-based company. This vacancy rate is higher than many years prior, the company said.The market also had 2,109 units absorbed in 2002, the report said, with about 1,218 units built during the year.

This year, the Detroit market should only see 280 new units this year. People will continue to rent because interest rates are expected to rise, the company said. “2004 should bring improved vacancy rates, hovering near or just beneath equilibrium,” the company said.

Average rent hovered around $789 per month, though landlords are still offering one month’s free rent as concessions for the soft economy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.