Novi, 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 Novi, Michigan rental market.
Novi, Michigan
Average Apartment Rent
$1,694
Y-o-Y Change in Average
Apartment Rent
2.7%
As of March 2026
Compared to a year ago, Novi, Michigan apartments have recorded a 2.7% rent increase.
Novi, Michigan Average apartment rent trend
Novi, Michigan Average Apartment Rent
Novi, Michigan Apartment rent ranges
At 43.7%, apartments priced $1,000 - $1,500 represent the bulk of Novi, Michigan rentals, while condos priced Over $3,000 hold the lowest share of the market – 1.57%.
Novi, Michigan Housing tenure**
Renters take up 32% of Novi, Michigan real estate, occupying a total of 8,505 units, while homeowners live in 18,011 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$75,752
Average household size of renter-occupied housing units**
1.98
Rental vacancy rate**
9%
Novi, Michigan Renter-occupied housing units by no. of bedrooms**
There are 3,890 rentals in Novi, Michigan with 2 beds making up the highest share of the market, at 46%. Units with No bedrooms, on the other hand, hold the lowest percentage (2%), amounting to 152 units. Overall, the median number of rooms in Novi, Michigan homes for rent is 4.
Novi, Michigan Renter-occupied units by age of householder**
Most condos for rent in Novi, Michigan are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 35 - 44 years age group (24%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 3%.
Novi, Michigan Renter-occupied housing units by family type**
Novi, Michigan Renter-occupied housing units by the presence of own children**
A total of 3,889 apartments for rent in Novi, Michigan, or 46% of all rentals are family households. Additionally, 29% of rental homes include children under the age of 18 – that’s 2,447 units. All in all, the median size of a renter-occupied household in Novi, Michigan is 1.98.
Novi, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 60% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Novi, Michigan.
Novi, Michigan Renter-occupied units by year structure built**
The highest share of Novi, Michigan apartment rentals, namely 22% or 1,890 units, were Built 1990 - 1999, followed by those Built 1980 - 1989 (21%, 1,753 units), and the ones Built 2000 - 2009 (20%, 1,738 units).
Novi, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Novi, Michigan renters (43%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Novi, Michigan condos for rent is 2018.
Novi, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Novi, Michigan renters have 1 vehicle available per household, 37% of them have 2 vehicles available, and 10% have No vehicle available.
Novi, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Novi, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
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 Novi, 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
