Oak Park, 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 Oak Park, Michigan rental market.
Oak Park, Michigan
Average Apartment Rent
$1,227
Y-o-Y Change in Average
Apartment Rent
4.6%
As of November 2024
Compared to a year ago, Oak Park, Michigan apartments have recorded a 4.6% rent increase.
Oak Park, Michigan Average apartment rent trend
Oak Park, Michigan Average Apartment Rent
Oak Park, Michigan Apartment rent ranges
At 42.57%, apartments priced $1,000 - $1,500 represent the bulk of Oak Park, Michigan rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 23.16%.
Oak Park, Michigan Housing tenure**
Renters take up 42% of Oak Park, Michigan real estate, occupying a total of 5,235 units, while homeowners live in 7,197 properties.
Median number of rooms of renter-occupied housing units**
4.8
Renter median household income**
$49,604
Average household size of renter-occupied housing units**
2.36
Rental vacancy rate**
3.4%
Oak Park, Michigan Renter-occupied housing units by no. of bedrooms**
There are 2,218 rentals in Oak Park, Michigan with 3 beds making up the highest share of the market, at 42%. Units with 4 beds, on the other hand, hold the lowest percentage (2%), amounting to 106 units. Overall, the median number of rooms in Oak Park, Michigan homes for rent is 4.8.
Oak Park, Michigan Renter-occupied units by age of householder**
Most condos for rent in Oak Park, Michigan are occupied by residents in the 45 - 54 years age group (23%), followed by those in the 35 - 44 years age group (23%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
Oak Park, Michigan Renter-occupied housing units by family type**
Oak Park, Michigan Renter-occupied housing units by the presence of own children**
A total of 2,562 apartments for rent in Oak Park, Michigan, or 49% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 1,428 units. All in all, the median size of a renter-occupied household in Oak Park, Michigan is 2.36.
Oak Park, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 33% of the rental market. In contrast, residents with less than a high school degree reside in 10% of the homes for rent in Oak Park, Michigan.
Oak Park, Michigan Renter-occupied units by year structure built**
The highest share of Oak Park, Michigan apartment rentals, namely 30% or 1,572 units, were Built 1950 - 1959, followed by those Built 1970 - 1979 (23%, 1,213 units), and the ones Built 1960 - 1969 (21%, 1,120 units).
Oak Park, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2015
Most Oak Park, Michigan renters (48%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Oak Park, Michigan condos for rent is 2015.
Oak Park, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Oak Park, Michigan renters have 1 vehicle available per household, 32% of them have 2 vehicles available, and 14% have No vehicle available.
Oak Park, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Oak Park, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
Oak Park, 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 Oak Park, 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
