Detroit’s Rental Market Shows Decline

The vacancy rate for apartments rose 16% in the fourth quarter, double what it was in the first quarter of 2020.  Pre-pandemic occupancy rates were at 92%. They currently hover in the mid-80s. Landlords are offering move-in deals and lower rental rates to moderate the decline. Anecdotal data suggests that renters left when their jobs pivoted to virtual work or with the closures of area businesses like restaurants, bars, and sports and music venues. Developers predict the downward trend is temporary.