Novi, MI Rental Market Trends
What is the average rent in Novi?
The average rent for an apartment in Novi is $1,285, a 5% increase compared to the previous year, when the average rent was $1,226.
Average Rent in Novi, MI
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,285 | 5% | 994 sq. ft. |
What is the average apartment size in Novi?
The average size for a Novi, MI apartment is 994 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Novi, MI Apartment Rent Ranges
- $701-$1,00020%
- $1,001-$1,50059%
- $1,501-$2,00018%
- > $2,0003%
Novi, MI Occupied Housing Units
- Renter-occupied Households33%
- Owner-occupied Households66%
7,775 or 33% of the households in Novi, MI are renter-occupied while 15,696 or 66% are owner-occupied.
Novi, MI Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | May / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Novi, MI | $1,145 | $1,146 | $1,198 | $1,189 | $1,212 | $1,228 | $1,226 | $1,222 | $1,264 | $1,285 |
| National | $1,346 | $1,355 | $1,359 | $1,356 | $1,391 | $1,398 | $1,400 | $1,390 | $1,395 | $1,407 |
Average Rent in Novi, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $1,932 |
| Ferndale | $1,756 |
| Troy | $1,308 |
| Rochester Hills | $1,264 |
| Walled Lake | $1,255 |
| Wolverine Lake | $1,255 |
| Rochester | $1,248 |
| Auburn Hills | $1,211 |
| Lake Angelus | $1,211 |
| Farmington Hills | $1,187 |
| Lathrup Village | $1,185 |
| Village Of Clarkston | $1,167 |
| Royal Oak | $1,150 |
| Southfield | $1,103 |
| Farmington | $1,096 |
| South Lyon | $1,021 |
| Beverly Hills | $1,019 |
| Bingham Farms | $1,019 |
| Franklin | $1,019 |
| Oak Park | $1,003 |
| Oxford Village | $992 |
| Orchard Lake Village | $982 |
| Clawson | $959 |
| Lake Orion | $945 |
| Madison Heights | $938 |
| Keego Harbor | $931 |
| Sylvan Lake | $931 |
| Wixom | $919 |
| Berkley | $913 |
| Holly Village | $901 |
| Pontiac | $894 |
| Hazel Park | $699 |
What are the most affordable neighborhoods in Novi?
The most affordable neighborhoods in Novi are Hazel Park, where the average rent goes for $699/month, Pontiac, where renters pay $894/mo on average, and Holly Village, where the average rent goes for $901/mo. If you’re looking for other great deals, check out the listings from Berkley ($913), Wixom ($919), and Keego Harbor ($931), where the asking prices are below the average Novi rent of $1,285/mo.
What are the most expensive neighborhoods in Novi?
The most expensive neighborhoods in Novi are Troy ($1,308), Ferndale ($1,756) and Birmingham ($1,932).
What are the most popular neighborhoods in Novi?
The most popular neighborhood in Novi is Southfield, where there are 22 verified RENTCafé listings with an average rent of $1,103. Next up is Farmington Hills, where apartments go for $1,187/month, followed by Pontiac with $894 If you’re looking to rent in Novi’s most popular neighborhoods, make sure to also check out Royal Oak, where renters pay $1,150 on average, and Rochester Hills, where the average monthly rent is $1,264.
Novi | Rent Comparison by Neighborhood
Rent in Auburn Hills is 33% higher than in Berkley
Auburn Hills rent is 6% lower than Novi average
| Average Rent | $1,211 |
|---|
Berkley rent is 29% lower than Novi average
| Average Rent | $913 |
|---|
How Novi Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Grand Rapids | $1,140 | 4% |
| Detroit | $1,115 | 4% |
| East Lansing | $1,299 | n/a |
| Ann Arbor | $1,604 | 1% |
| Lansing | $911 | 3% |
| Southfield | $1,103 | 1% |
| Farmington Hills | $1,187 | 1% |
| Pontiac | $894 | 7% |
| Canton | $1,219 | 7% |
| Royal Oak | $1,150 | 11% |
| Novi | $1,285 | 5% |