Detroit city, 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 Detroit city, Michigan rental market.
Highlights
An apartment for rent in Detroit city, Michigan typically goes for $1,069 per month, while a single-family home for rent in Detroit city, Michigan has a monthly cost of around $1,481. Renter-occupied units make up 53% of the local housing market, while the rental vacancy rate in Detroit city, Michigan is at 5.8.
Detroit city, Michigan
Average Apartment Rent
$1,069
Y-o-Y Change in Apartment Rent
1.14%
Average Single Family Rent
$1,481
Compared to a year ago, Detroit city, Michigan apartments have recorded a 1.14% rent increase.
Detroit city, Michigan |Median apartment rent trend
Detroit city, Michigan| Average apartment rent by city
Detroit city, Michigan | Apartment rent ranges
At 33.16%, apartments priced $700 - $1000 represent the bulk of Detroit city, Michigan rentals, while condos priced under $500 hold the lowest share of the market – 1.18%.
Detroit city, Michigan | Housing tenure
Renters take up 53% of Detroit city, Michigan real estate, occupying a total of 136,972 units, while homeowners live in 123,411 properties.
Median number of rooms of renter-occupied housing units
5
Renter Median household income
$20,804
Average household size of renter occupied-housing units
2.46
Rental vacancy rate
5.8%
Detroit city, Michigan | Renter-occupied housing units by no. of bedrooms
There are 46,794 rentals in Detroit city, Michigan with 3 beds making up the highest share of the market, at 34%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 2,217 units. Overall, the median number of rooms in Detroit city, Michigan homes for rent is 5.
Detroit city, Michigan |Renter-occupied units by age of householder
Most condos for rent in Detroit city, Michigan are occupied by residents in the 25 - 34 years age group (25%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Detroit city, Michigan | Renter-occupied housing units by family type
Detroit city, Michigan | Renter-occupied housing units by the presence of own children
A total of 65,821 apartments for rent in Detroit city, Michigan, or 48% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 45,212 units. All in all, the median size of a renter-occupied household in Detroit city, Michigan is 2.46.
Detroit city, Michigan | Renter-occupied housing units by educational attainment
In terms of education, renters holding bachelor degrees or higher make up 12% of the rental market. In contrast, residents with less than a high school degree reside in 20% of the homes for rent in Detroit city, Michigan.
Detroit city, Michigan | Renter-occupied units by year structure built
The highest share of Detroit city, Michigan apartment rentals, namely 29% or 39,231 units, were built 1939 or earlier, followed by those built 1950 - 1959 (21%, 28,179 units), and the ones built 1940 - 1949 (20%, 28,027 units).
Detroit city, Michigan | Renter-occupied units by year householder moved in
Median year renter moved into unit2013
Most Detroit city, Michigan renters (46%) moved in 2010 to 2014, while only 4% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Detroit city, Michigan condos for rent is 2013.
Detroit city, Michigan | Renter-occupied housing units by vehicles available
When it comes to transportation options, 47% of Detroit city, Michigan renters have 1 vehicle available per household, 35% of them have no vehicle available, and 15% have 2 vehicles available.
Detroit city, Michigan | Means of transportation to work of householders living in renter-occupied housing units
Detroit city, Michigan |Geographical mobility in the past year for householders living in renter-occupies housing units
Detroit city, 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 Detroit city, 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.
Exceptions: Data sourced from U.S. Census Bureau; American Community Survey, 2018 American Community Survey 5-Year Estimates
