Chelsea, Michigan Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Chelsea, Michigan rental market.
Chelsea, Michigan
Average Apartment Rent
$1,829
Y-o-Y Change in Average
Apartment Rent
3.7%
As of July 2024
Compared to a year ago, Chelsea, Michigan apartments have recorded a 3.7% rent increase.
Chelsea, Michigan Average apartment rent trend
Chelsea, Michigan Average Apartment Rent
Chelsea, Michigan Apartment rent ranges
At 44.28%, apartments priced $1,500 - $2,000 represent the bulk of Chelsea, Michigan rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 26.73%.
Chelsea, Michigan Housing tenure**
Renters take up 36% of Chelsea, Michigan real estate, occupying a total of 949 units, while homeowners live in 1,668 properties.
Median number of rooms of renter-occupied housing units**
4.6
Renter median household income**
$39,666
Average household size of renter-occupied housing units**
1.53
Chelsea, Michigan Renter-occupied housing units by no. of bedrooms**
There are 410 rentals in Chelsea, Michigan with 2 beds making up the highest share of the market, at 43%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 8 units. Overall, the median number of rooms in Chelsea, Michigan homes for rent is 4.6.
Chelsea, Michigan Renter-occupied units by age of householder**
Most condos for rent in Chelsea, Michigan are occupied by residents in the 85 years and over age group (27%), followed by those in the 25 - 34 years age group (21%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 2%.
Chelsea, Michigan Renter-occupied housing units by family type**
Chelsea, Michigan Renter-occupied housing units by the presence of own children**
A total of 229 apartments for rent in Chelsea, Michigan, or 24% of all rentals are family households. Additionally, 12% of rental homes include children under the age of 18 – that’s 114 units. All in all, the median size of a renter-occupied household in Chelsea, Michigan is 1.53.
Chelsea, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 39% of the rental market. In contrast, residents with less than a high school degree reside in 2% of the homes for rent in Chelsea, Michigan.
Chelsea, Michigan Renter-occupied units by year structure built**
The highest share of Chelsea, Michigan apartment rentals, namely 30% or 288 units, were Built 1939 or earlier, followed by those Built 2000 - 2009 (15%, 145 units), and the ones Built 1970 - 1979 (11%, 105 units).
Chelsea, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Chelsea, Michigan renters (46%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Chelsea, Michigan condos for rent is 2016.
Chelsea, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 42% of Chelsea, Michigan renters have 1 vehicle available per household, 34% of them have 2 vehicles available, and 20% have No vehicle available.
Chelsea, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Chelsea, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
Chelsea, Michigan Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Chelsea, Michigan apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
