Wayland, 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 Wayland, Michigan rental market.
Wayland, Michigan
Average Apartment Rent in March 2022
$1,027
Y-o-Y Change in Average
Apartment Rent
8.7%
Compared to a year ago, Wayland, Michigan apartments have recorded a 8.7% rent increase.
Wayland, Michigan |Average apartment rent trend
Wayland, Michigan| Average apartment rent
Wayland, Michigan | Apartment rent ranges
At 50%, apartments priced $1,000 - $1,500 represent the bulk of Wayland, Michigan rentals, while condos priced $700 - $1000 hold the lowest share of the market – 50%.
Wayland, Michigan | Housing tenure**
Renters take up 41% of Wayland, Michigan real estate, occupying a total of 704 units, while homeowners live in 1,011 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$29,375
Average household size of renter-occupied housing units**
2.2
Wayland, Michigan | Renter-occupied housing units by no. of bedrooms**
There are 376 rentals in Wayland, 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 (2%), amounting to 11 units. Overall, the median number of rooms in Wayland, Michigan homes for rent is 4.2.
Wayland, Michigan |Renter-occupied units by age of householder**
Most condos for rent in Wayland, Michigan are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 65 - 74 years age group (23%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 3%.
Wayland, Michigan | Renter-occupied housing units by family type**
Wayland, Michigan | Renter-occupied housing units by the presence of own children**
A total of 398 apartments for rent in Wayland, Michigan, or 57% of all rentals are family households. Additionally, 32% of rental homes include children under the age of 18 – that’s 225 units. All in all, the median size of a renter-occupied household in Wayland, Michigan is 2.2.
Wayland, Michigan | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 6% of the rental market. In contrast, residents with less than a high school degree reside in 18% of the homes for rent in Wayland, Michigan.
Wayland, Michigan | Renter-occupied units by year structure built**
The highest share of Wayland, Michigan apartment rentals, namely 25% or 176 units, were Built 2000 - 2009, followed by those Built 1939 or earlier (24%, 170 units), and the ones Built 1990 - 1999 (16%, 112 units).
Wayland, Michigan | Renter-occupied units by year householder moved in**
Median year renter moved into unit2013
Most Wayland, Michigan renters (41%) moved in 2010 to 2014, while only 8% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Wayland, Michigan condos for rent is 2013.
Wayland, Michigan | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 58% of Wayland, Michigan renters have 1 vehicle available per household, 22% of them have No vehicle available, and 15% have 2 vehicles available.
Wayland, Michigan | Means of transportation to work of householders living in renter-occupied housing units**
Wayland, Michigan |Geographical mobility in the past year for householders living in renter-occupied housing units**
Wayland, 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 Wayland, 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, 2019 American Community Survey 5-Year Estimates
