Detroit, 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, Michigan rental market.
Highlights
An apartment for rent in Detroit, Michigan typically goes for $1,256 per month, while a single-family home for rent in Detroit, Michigan has a monthly cost of around $1,612. Renter-occupied units make up 51% of the local housing market, while the rental vacancy rate in Detroit, Michigan is at 3.3.
Detroit, Michigan
Average Apartment Rent
$1,256
Y-o-Y Change in Average
Apartment Rent
2.6%
Average Single-Family Rent
$1,612
As of July 2024
Compared to a year ago, Detroit, Michigan apartments have recorded a 2.6% rent increase.
Detroit, Michigan |Average apartment rent trend
Detroit, Michigan| Average apartment rent
Detroit, Michigan | Apartment rent ranges
At 36.4%, apartments priced $700 - $1000 represent the bulk of Detroit, Michigan rentals, while condos priced Under $500 hold the lowest share of the market – 0.37%.
Detroit, Michigan | Housing tenure**
Renters take up 51% of Detroit, Michigan real estate, occupying a total of 127,784 units, while homeowners live in 121,734 properties.
Median number of rooms of renter-occupied housing units**
5
Renter median household income**
$28,992
Average household size of renter-occupied housing units**
2.41
Rental vacancy rate**
3.3%
Detroit, Michigan | Renter-occupied housing units by no. of bedrooms**
There are 43,448 rentals in Detroit, 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 2,139 units. Overall, the median number of rooms in Detroit, Michigan homes for rent is 5.
Detroit, Michigan |Renter-occupied units by age of householder**
Most condos for rent in Detroit, 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, Michigan | Renter-occupied housing units by family type**
Detroit, Michigan | Renter-occupied housing units by the presence of own children**
A total of 58,481 apartments for rent in Detroit, Michigan, or 46% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 38,899 units. All in all, the median size of a renter-occupied household in Detroit, Michigan is 2.41.
Detroit, Michigan | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 14% of the rental market. In contrast, residents with less than a high school degree reside in 18% of the homes for rent in Detroit, Michigan.
Detroit, Michigan | Renter-occupied units by year structure built**
The highest share of Detroit, Michigan apartment rentals, namely 27% or 35,040 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (21%, 27,366 units), and the ones Built 1940 - 1949 (18%, 22,445 units).
Detroit, Michigan | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Detroit, Michigan renters (48%) moved in 2010 to 2017, while only 3% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Detroit, Michigan condos for rent is 2016.
Detroit, Michigan | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Detroit, Michigan renters have 1 vehicle available per household, 31% of them have No vehicle available, and 15% have 2 vehicles available.
Detroit, Michigan | Means of transportation to work of householders living in renter-occupied housing units**
Detroit, Michigan |Geographical mobility in the past year for householders living in renter-occupied housing units**
Detroit, 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, 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
