Prices and availability in Detroit, MI were last updated on 25 Nov 2025.
The best apartments in Detroit, MI are: The Residences Water Square, The Ferguson, 1525 Broadway, 35W and The Stott.
In Detroit, 50% of the residents are renting compared to 50% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 17% of Detroit’s rentals, 38% are small-scale complexes with under 50 units, and 45% are single-family rentals.
Searching for apartments for rent in Detroit, MI under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.
Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Detroit, MI. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Detroit, MI going for $426 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.
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