Southfield, 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 Southfield, Michigan rental market.
Southfield, Michigan
Average Apartment Rent
$1,343
Y-o-Y Change in Average
Apartment Rent
4.7%
As of November 2024
Compared to a year ago, Southfield, Michigan apartments have recorded a 4.7% rent increase.
Southfield, Michigan Average apartment rent trend
Southfield, Michigan Average Apartment Rent
Southfield, Michigan Apartment rent ranges
At 57.12%, apartments priced $1,000 - $1,500 represent the bulk of Southfield, Michigan rentals, while condos priced Over $2,000 hold the lowest share of the market – 3.97%.
Southfield, Michigan Housing tenure**
Renters take up 49% of Southfield, Michigan real estate, occupying a total of 16,808 units, while homeowners live in 17,596 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$46,116
Average household size of renter-occupied housing units**
1.75
Rental vacancy rate**
7.7%
Southfield, Michigan Renter-occupied housing units by no. of bedrooms**
There are 7,452 rentals in Southfield, Michigan with 2 beds making up the highest share of the market, at 44%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 107 units. Overall, the median number of rooms in Southfield, Michigan homes for rent is 4.3.
Southfield, Michigan Renter-occupied units by age of householder**
Most condos for rent in Southfield, Michigan are occupied by residents in the 25 - 34 years age group (19%), followed by those in the 65 - 74 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 – 4%.
Southfield, Michigan Renter-occupied housing units by family type**
Southfield, Michigan Renter-occupied housing units by the presence of own children**
A total of 5,976 apartments for rent in Southfield, Michigan, or 36% of all rentals are family households. Additionally, 16% of rental homes include children under the age of 18 – that’s 2,652 units. All in all, the median size of a renter-occupied household in Southfield, Michigan is 1.75.
Southfield, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 31% of the rental market. In contrast, residents with less than a high school degree reside in 7% of the homes for rent in Southfield, Michigan.
Southfield, Michigan Renter-occupied units by year structure built**
The highest share of Southfield, Michigan apartment rentals, namely 37% or 6,214 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (18%, 2,976 units), and the ones Built 1950 - 1959 (14%, 2,299 units).
Southfield, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Southfield, Michigan renters (49%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Southfield, Michigan condos for rent is 2016.
Southfield, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 59% of Southfield, Michigan renters have 1 vehicle available per household, 20% of them have 2 vehicles available, and 16% have No vehicle available.
Southfield, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Southfield, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
Southfield, 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 Southfield, 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
