Top Rust Belt Markets for Construction Activity

More than 68,700 units were underway in the Rust Belt as of June, Yardi Matrix data shows. Combined, the top five markets in the region include some 40,500 units underway, accounting for 59 percent of the total pipeline. Construction activity lagged in 2020 due to the pandemic, with most markets recording a drop in multifamily deliveries.

However, 2021 is showing signs of recovery, as projected deliveries are expected to surpass last year’s completions. The uptick in development activity has been prompted by a shift in investor interest from coastal markets to smaller, stabilized Midwestern markets. Utilizing Yardi Matrix data, the table below highlights the top five markets for multifamily construction activity in the Rust Belt region.

Rank Market Units Under Construction
1 Chicago 16,491
2 Columbus 7,945
3 Detroit 6,054
4 Milwaukee 5,271
5 Indianapolis 4,744

5. Indianapolis

Indianapolis. Image via

More than 4,700 units were underway in Indianapolis as of June. The market’s affordable cost of living attracted both renters and homeowners, with 2020 completions amounting to more than 2,300 units and some 3,000 apartments a year earlier.

Close to 3,000 units are scheduled for completion by the end of 2021, with development concentrated in the Westfield-Noblesville submarket (906 units under construction). Some 900 units were underway in downtown Indianapolis, including Residences at CityWay Phase II, the largest community under construction in the metro. Developed by Buckingham Cos., the 402-unit property is expected to come online later this year.

4. Milwaukee

Milwaukee. Image via

Developers were working

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