Grand River Growth Plan -All Gibbs for City Jan 2 2026 - Flipbook - Page 94
Existing Residential Market – Multi-Family
Vacancy & Market Asking Rent per Unit Multi-Family
Source: CoStar
Figure 9: Farmington Hills / City CoStar Market rental rates chart –Source; CoStar
Historically, the Farmington-Farmington Hills area ranks among Metro Detroit9s stronger
suburban rental markets. This study groups the two cities together since FarmingtonFarmington Hills operates as one submarket in the multi-family sector. The submarket benefits
from generally higher household incomes and an ample inventory of apartments with the
Farmington area boasting over 12,000 apartment units.
The average rent in the submarket is up nearly 3% year over year coming in just under $1,500
per month. At this rent level, rents in the submarket tend to be on par with or above other
cities in Metro Detroit. The stable employment base and desirable proximity to both downtown
Detroit and other key job centers have driven demand for apartments for years. In comparison,
some outlying Detroit edge and rural suburbs may offer lower rents but lack the amenities and
commute advantages found in Farmington-Farmington Hills.
In many ways, this dual-city market has fared better than older urban cores in Metro Detroit,
which have faced elevated vacancy rates or aging multi-family stock. Yet the area remains more
approachable than higher-end enclaves like Northville, Plymouth or Royal Oak, where prices
can command a substantial premium.
Grand River Corridor Residential Market Analysis
Gibbs Planning Group, Inc. | Indigo Retail July 2, 2026
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