Monroe, 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 Monroe, Michigan rental market.
Average Apartment Rent
Y-o-Y Change in Average
Compared to a year ago, Monroe, Michigan apartments have recorded a 0% rent increase.
Monroe, Michigan |Average apartment rent trend
Monroe, Michigan| Average apartment rent
Monroe, Michigan | Apartment rent ranges
At 54.78%, apartments priced $700 - $1000 represent the bulk of Monroe, Michigan rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 12.26%.
Monroe, Michigan | Housing tenure**
Renters take up 36% of Monroe, Michigan real estate, occupying a total of 2,901 units, while homeowners live in 5,198 properties.
Median number of rooms of renter-occupied housing units**
Renter Median household income**
Average household size of renter occupied-housing units**
Rental vacancy rate**
Monroe, Michigan | Renter-occupied housing units by no. of bedrooms**
There are 1,128 rentals in Monroe, Michigan with 2 beds making up the highest share of the market, at 39%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 17 units. Overall, the median number of rooms in Monroe, Michigan homes for rent is 4.3.
Monroe, Michigan |Renter-occupied units by age of householder**
Most condos for rent in Monroe, Michigan are occupied by residents in the 35 - 44 years age group (20%), followed by those in the 25 - 34 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 – 2%.
Monroe, Michigan | Renter-occupied housing units by family type**
Monroe, Michigan | Renter-occupied housing units by the presence of own children**
A total of 1,141 apartments for rent in Monroe, Michigan, or 39% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 789 units. All in all, the median size of a renter-occupied household in Monroe, Michigan is 2.04.
Monroe, 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 16% of the homes for rent in Monroe, Michigan.
Monroe, Michigan | Renter-occupied units by year structure built**
The highest share of Monroe, Michigan apartment rentals, namely 27% or 777 units, were Built 1970 - 1979, followed by those Built 1939 or earlier (23%, 676 units), and the ones Built 1940 - 1949 (12%, 356 units).
Monroe, Michigan | Renter-occupied units by year householder moved in**
Median year renter moved into unit2013
Most Monroe, Michigan renters (41%) moved in 2010 to 2014, while only 6% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Monroe, Michigan condos for rent is 2013.
Monroe, Michigan | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Monroe, Michigan renters have 1 vehicle available per household, 22% of them have No vehicle available, and 22% have 2 vehicles available.
Monroe, Michigan | Means of transportation to work of householders living in renter-occupied housing units**
Monroe, Michigan |Geographical mobility in the past year for householders living in renter-occupies housing units**
Monroe, 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 Monroe, 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, 2018 American Community Survey 5-Year Estimates