The apartment market in metro Detroit is doing quite well, actually outperforming results seen for the nation as a whole in terms of annual revenue growth.
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Detroit has found itself in an unfamiliar place – ranking in the nation’s top quartile for rent growth. That’s come as a result of improved occupancy rates, which stem from surprisingly strong job growth.
It’d be a stretch to call Detroit a recovery market, but the metro’s apartment sector did see solid improvement in 2010.
It’s good bet that Detroit won’t be on any of the industry’s top 10 metro lists for expected apartment market performance during 2011. However, the metro’s apartment occupancy and rental rates are gaining ground.