{"id":1004151907,"date":"2016-09-07T23:43:41","date_gmt":"2016-09-08T07:43:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151907"},"modified":"2025-02-26T23:35:11","modified_gmt":"2025-02-27T07:35:11","slug":"yardi-matrix-detroit-transforming-from-the-core","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-detroit-transforming-from-the-core\/","title":{"rendered":"Yardi Matrix: Detroit \u2014 Transforming from the Core"},"content":{"rendered":"<div id=\"attachment_1004151622\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004151622\" data-attachment-id=\"1004151622\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-detroit-transforming-from-the-core\/detroit_metrorent_083016\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg\" data-orig-size=\"900,402\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Detroit rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Detroit rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg?w=900\" class=\"wp-image-1004151622 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg\" alt=\"Detroit rent evolution, click to enlarge\" width=\"300\" height=\"134\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg?resize=300,134 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Detroit_MetroRent_083016.jpg?resize=768,343 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004151622\" class=\"wp-caption-text\">Detroit rent evolution, click to enlarge<\/p><\/div>\n<p>Detroit\u2019s multifamily market is gaining momentum. Young workers are attracted to\u00a0the city\u2019s downtown by an improving job market. In turn, rents are starting to grow\u00a0and the development pipeline is refilling, with more than 8,000 units on the way.\u00a0Even so, the metro must overcome its blighted neighborhoods and address an\u00a0affordable housing shortage.<\/p>\n<p>The auto industry, still the area\u2019s main economic driver, continues to thrive, sending\u00a0a ripple effect through the economy. Auto sales have cooled slightly from 2015\u2019s\u00a0record levels, but are on pace to top 17 million in 2016. Financier Dan Gilbert\u00a0and the Ilitch family are leading downtown redevelopment. Projects that aim to\u00a0attract activity include the QLINE railway project and Little Caesars Arena, which is\u00a0scheduled to open in 2017. The revival of the Paradise Valley entertainment district\u00a0is also underway, with total investments exceeding $52 million.<\/p>\n<p>Multifamily fundamentals reflect the improving climate. Transaction volume in\u00a02015 reached $535 million, a post-recession high. Nearly 1,800 housing units are\u00a0scheduled for completion in 2016, a 600 percent increase compared to 2015. Rents are\u00a0on the upswing due to strong demand, especially in core submarkets, which have\u00a0become attractive to both multifamily and commercial developers. Rents jumped\u00a06.3 percent year over year through July, but we expect that a cooler second half will lower\u00a0that increase to 3.4 percent for the full year.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/110-Detroit-Summer2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: Nearly 1,800 housing units are scheduled for completion in 2016, a 600 percent increase compared to 2015.<\/p>\n","protected":false},"author":873,"featured_media":1004151242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,1495,21782,21808,21825,13,21742,37795],"tags":[],"class_list":["post-1004151907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-detroit","category-development","category-featured","category-finance","category-midwest","category-latest","category-rc-occupancy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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