Grand River Growth Plan -All Gibbs for City Jan 2 2026 - Flipbook - Page 95
Existing Residential Market – Multi-Family
The continuing influx of well-paid professionals and a steady pace of commercial growth
reinforce Farmington-Farmington Hills9 reputation as a favorable location for apartment
investors—positioning it squarely between pricier suburban markets and more affordable, less
amenitized areas.
Although it has edged up over the last twelve months from just under 5%, the vacancy rate
remains a healthy 5.7% and this study classifies the multi-family market in FarmingtonFarmington Hills as robust. If vacancy rates increased and asking rents decreased, the
combination would be a sign of a weakening market.
However, the opposite is happening as market rents in the Farmington submarket are
increasing. Housing demand in the submarket remains strong and given the need, this study
projects that rents will continue to increase.
Market Asking Prince per Bedroom – Multi-family
Source: CoStar
Figure 10: Farmington Hills / City CoStar Market rental rates chart – 2024
Garden Apartments: 200 to 250 Units
Garden style buildings are rental dwellings typically ranging from 500 to 1,000 sf, in 2 to 3 story
buildings. The buildings are often covered with outside stairs instead of common internal
hallways or elevators. First floor units with outside front doors are a recent popular feature.
Micro apartments, 300 to 400 sf each, are a recent popular trend. The small studios offer an
affordable first residence with modern kitchens, bath, features and common amenities. They
also offer the privacy of not living with a roommate. Garden apartments average 30 to 40 units
per acre, with surface parking.
Grand River Corridor Residential Market Analysis
Gibbs Planning Group, Inc. | Indigo Retail July 2, 2026
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