Waverly, 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 Waverly, Michigan rental market.
Waverly, Michigan
Average Apartment Rent
$1,261
Y-o-Y Change in Average
Apartment Rent
5.6%
As of May 2026
Compared to a year ago, Waverly, Michigan apartments have recorded a 5.6% rent increase.
Waverly, Michigan Average apartment rent trend
Waverly, Michigan Average Apartment Rent
Waverly, Michigan Apartment rent ranges
At 56.07%, apartments priced $1,000 - $1,500 represent the bulk of Waverly, Michigan rentals, while condos priced $2,500 - $3,000 hold the lowest share of the market – 0.34%.
Waverly, Michigan Housing tenure**
Renters take up 46% of Waverly, Michigan real estate, occupying a total of 5,308 units, while homeowners live in 6,250 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$54,509
Average household size of renter-occupied housing units**
1.76
Rental vacancy rate**
3.4%
Waverly, Michigan Renter-occupied housing units by no. of bedrooms**
There are 2,788 rentals in Waverly, Michigan with 2 beds making up the highest share of the market, at 53%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 52 units. Overall, the median number of rooms in Waverly, Michigan homes for rent is 3.9.
Waverly, Michigan Renter-occupied units by age of householder**
Most condos for rent in Waverly, Michigan are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (13%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 4%.
Waverly, Michigan Renter-occupied housing units by family type**
Waverly, Michigan Renter-occupied housing units by the presence of own children**
A total of 1,940 apartments for rent in Waverly, Michigan, or 37% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 989 units. All in all, the median size of a renter-occupied household in Waverly, Michigan is 1.76.
Waverly, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 40% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Waverly, Michigan.
Waverly, Michigan Renter-occupied units by year structure built**
The highest share of Waverly, Michigan apartment rentals, namely 31% or 1,647 units, were Built 1970 - 1979, followed by those Built 1990 - 1999 (22%, 1,178 units), and the ones Built 1980 - 1989 (17%, 878 units).
Waverly, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Waverly, Michigan renters (41%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Waverly, Michigan condos for rent is 2018.
Waverly, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 58% of Waverly, Michigan renters have 1 vehicle available per household, 28% of them have 2 vehicles available, and 10% have No vehicle available.
Waverly, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Waverly, 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 Waverly, 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
