Royal Oak, 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 Royal Oak, Michigan rental market.
Royal Oak, Michigan
Average Apartment Rent
$1,482
Y-o-Y Change in Average
Apartment Rent
2.5%
As of November 2024
Compared to a year ago, Royal Oak, Michigan apartments have recorded a 2.5% rent increase.
Royal Oak, Michigan Average apartment rent trend
Royal Oak, Michigan Average Apartment Rent
Royal Oak, Michigan Apartment rent ranges
At 69.71%, apartments priced $1,000 - $1,500 represent the bulk of Royal Oak, Michigan rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 4.64%.
Royal Oak, Michigan Housing tenure**
Renters take up 35% of Royal Oak, Michigan real estate, occupying a total of 10,018 units, while homeowners live in 18,968 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$70,122
Average household size of renter-occupied housing units**
1.69
Rental vacancy rate**
5.7%
Royal Oak, Michigan Renter-occupied housing units by no. of bedrooms**
There are 4,125 rentals in Royal Oak, Michigan with 1 bed making up the highest share of the market, at 41%. Units with 4 beds, on the other hand, hold the lowest percentage (3%), amounting to 252 units. Overall, the median number of rooms in Royal Oak, Michigan homes for rent is 3.9.
Royal Oak, Michigan Renter-occupied units by age of householder**
Most condos for rent in Royal Oak, Michigan are occupied by residents in the 25 - 34 years age group (37%), followed by those in the 15 - 24 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Royal Oak, Michigan Renter-occupied housing units by family type**
Royal Oak, Michigan Renter-occupied housing units by the presence of own children**
A total of 2,063 apartments for rent in Royal Oak, Michigan, or 21% of all rentals are family households. Additionally, 8% of rental homes include children under the age of 18 – that’s 812 units. All in all, the median size of a renter-occupied household in Royal Oak, Michigan is 1.69.
Royal Oak, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 61% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Royal Oak, Michigan.
Royal Oak, Michigan Renter-occupied units by year structure built**
The highest share of Royal Oak, Michigan apartment rentals, namely 23% or 2,310 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (20%, 2,011 units), and the ones Built 1950 - 1959 (19%, 1,860 units).
Royal Oak, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Royal Oak, Michigan renters (43%) moved in 2018 to 2020, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Royal Oak, Michigan condos for rent is 2018.
Royal Oak, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 58% of Royal Oak, Michigan renters have 1 vehicle available per household, 26% of them have 2 vehicles available, and 10% have No vehicle available.
Royal Oak, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Royal Oak, 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 Royal Oak, 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
