West Michigan Multifamily Market Report | Q3 2025

Market Overview

‍West Michigan’s multifamily market held firm in Q3 2025 as asking rents climbed to $1,370 per unit, a 3.8 percent annual increase that reflects steady demand and limited concessions. Overall vacancy edged up to 6.1 percent and stabilized vacancy reached 5.5 percent, driven by lease-ups in new deliveries. Construction activity expanded to 5,142 units underway, underscoring long-term growth. Sales volume slowed to $154.7 million, but pricing strengthened with the average price per unit rising to $129,723 and cap rates tightening to 5.6 percent, signaling cautious but improving investor confidence.

‍About Colliers

‍Colliers is a global commercial real estate advisory and investment-management firm. Their West Michigan multifamily report compiles data on rent trends, vacancy, absorption, construction pipelines and sales activity to help owners, developers and investors understand market conditions and position for upcoming opportunities. To read the full report, click here.