West Michigan, MI Multifamily Market Report | Colliers | Q4 2025

Market Overview

‍
West Michigan's multifamily market closed Q4 2025 in balance, with occupancy holding at 93.8% and asking rents averaging $1,360 per unit as annual rent growth moderated to 2.4%. Overall vacancy edged to 6.2% as new deliveries worked through lease-up, while stabilized vacancy improved to 5.3%, reflecting healthy fundamentals across established properties. With 5,691 units under construction, the development pipeline remains active, though Northwest Michigan and Lakeshore maintained the tightest conditions in the region. Battle Creek posted standout rent growth of 6.4% year-over-year, while investment activity stayed measured at $112.4 million for the quarter, with cap rates compressing to 5.5% as buyers focused on stabilized assets.

‍About Colliers

‍
Colliers is a global real estate advisory and investment management firm serving owners, operators, and investors across major U.S. markets. Their Q4 2025 West Michigan multifamily report tracks vacancy, rents, absorption, deliveries, and investment activity by submarket to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.