Highland 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 Highland Park, Michigan rental market.
Highland Park, Michigan
Average Apartment Rent
$945
Y-o-Y Change in Average
Apartment Rent
14.3%
As of November 2024
Compared to a year ago, Highland Park, Michigan apartments have recorded a 14.3% rent increase.
Highland Park, Michigan Average apartment rent trend
Highland Park, Michigan Average Apartment Rent
Highland Park, Michigan Apartment rent ranges
At 61.43%, apartments priced $700 - $1000 represent the bulk of Highland Park, Michigan rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 2.86%.
Highland Park, Michigan Housing tenure**
Renters take up 55% of Highland Park, Michigan real estate, occupying a total of 2,111 units, while homeowners live in 1,738 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$16,081
Average household size of renter-occupied housing units**
2.03
Highland Park, Michigan Renter-occupied housing units by no. of bedrooms**
There are 850 rentals in Highland Park, Michigan with 1 bed making up the highest share of the market, at 40%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 28 units. Overall, the median number of rooms in Highland Park, Michigan homes for rent is 4.
Highland Park, Michigan Renter-occupied units by age of householder**
Most condos for rent in Highland Park, Michigan are occupied by residents in the 65 - 74 years age group (20%), followed by those in the 60 - 64 years age group (15%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 2%.
Highland Park, Michigan Renter-occupied housing units by family type**
Highland Park, Michigan Renter-occupied housing units by the presence of own children**
A total of 707 apartments for rent in Highland Park, Michigan, or 33% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 402 units. All in all, the median size of a renter-occupied household in Highland Park, Michigan is 2.03.
Highland Park, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 10% of the rental market. In contrast, residents with less than a high school degree reside in 31% of the homes for rent in Highland Park, Michigan.
Highland Park, Michigan Renter-occupied units by year structure built**
The highest share of Highland Park, Michigan apartment rentals, namely 24% or 498 units, were Built 1970 - 1979, followed by those Built 1950 - 1959 (16%, 334 units), and the ones Built 1990 - 1999 (12%, 256 units).
Highland Park, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2013
Most Highland Park, Michigan renters (51%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Highland Park, Michigan condos for rent is 2013.
Highland Park, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 54% of Highland Park, Michigan renters have No vehicle available per household, 38% of them have 1 vehicle available, and 7% have 2 vehicles available.
Highland Park, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Highland Park, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
Highland 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 Highland 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
