Get ready for a wave of residential development that started in 2018
The first residents have moved in at City Modern in Brush Park, and two projects in Corktown are nearing completion. All told, approximately 2,000 new rental units will hit the market in 2019. This would be a modest supply in many cities, but in Detroit it’s a bona fide construction boom. The vacancy rate stands at 3.1% and net absorption last year was 2,400 units, so while the new supply may slow rental growth, it’s unlikely to result in a glut of new apartments.