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2024 Q1 Michigan Multifamily Market

Updated: Apr 17

It’s no secret the Midwest multifamily market has outperformed most of the nation. Strengthened by job growth, housing demand, and supply shortage, rents continue to grow, and occupancy rates remain high.

 

With economic catalysts like the Acrisure Amphitheater, Grand Rapids Soccer Stadium, battery plant manufacturing, and educational institutions, the Michigan rental market is positioned for growth.





Grand Rapids & Lansing-Ann Arbor Listed Among the Ten Hottest Markets by RentCafe

In a recent rental report conducted by RentCafe, the Midwest was found to be the most competitive region for renting in the United States. Through an analysis of 139 markets across the country, Grand Rapids and Lansing-Ann Arbor ranked among the top ten most competitive rental markets. RentCafe analyzed apartment occupancy, vacancy duration, renter demand, renewals, and new apartment share from October to December 2023.


RentCafe Market Stats

Promising Employment Growth


Major companies have announced expansions in Michigan because of the State’s pro-business environment, talented workforce, and low cost of doing business.


A few of these major economic drivers:

  • Gotion will bring 2,350 jobs to the Big Rapids region.

  • LG Energy Plant expansion in Holland, MI will bring over 1,000 jobs by its anticipated opening in 2025.

  • Samsung expansion in Auburn Hills will bring 368 jobs.

  • Nel Hydrogen expansion in Plymouth will bring 500 jobs to the area.

  • Amway in Grand Rapids is expanding to create up to 260 new jobs.

  • Piston Automotive will create 900 new jobs with the Auburn Hills facility.

 

Healthcare, education, and manufacturing continue to drive Michigan’s strong labor market keeping West and Southeast Michigan’s unemployment rates below the national average.



Rendering of the LG Energy Plant in Holland, MI


State Support for Housing Development


The Michigan State Housing Development Association announced a $60 million MI Neighborhood initiative to support statewide housing goals. In a continued effort to address regional housing needs, the initiative “is intended to be a low-barrier, common application that will be accessible to experienced and emerging community developers, nonprofits, and municipal leaders alike.”

 

Developers, nonprofits, and local governments can access funding for new construction, renovations, and targeted neighborhood investments.



 




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