Novi, MI Rental Market Trends
What is the average rent in Novi?
The average rent for an apartment in Novi is $1,487. The cost of rent varies depending on several factors, including location, size, and quality.
Average Rent in Novi, MI
| Average Rent | Average Apartment Size |
|---|---|
| $1,487 | 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
Novi, MI Occupied Housing Units
8,358 or 34% of the households in Novi, MI are renter-occupied while 15,772 or 65% are owner-occupied.
Novi, MI Rent Trends
| Average Rent | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | Jul / 2021 | Nov / 2021 | Jul / 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Novi, MI | $1,189 | $1,212 | $1,228 | $1,226 | $1,222 | $1,264 | $1,285 | $1,332 | $1,450 | $1,487 |
| National | $1,367 | $1,399 | $1,407 | $1,409 | $1,399 | $1,403 | $1,412 | $1,495 | $1,591 | $1,628 |
Average Rent in Novi, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $1,944 |
| Ferndale | $1,866 |
| Troy | $1,465 |
| Rochester Hills | $1,385 |
| Walled Lake | $1,376 |
| Wolverine Lake | $1,376 |
| Village Of Clarkston | $1,368 |
| Rochester | $1,361 |
| Auburn Hills | $1,344 |
| Lake Angelus | $1,344 |
| Farmington Hills | $1,337 |
| Royal Oak | $1,304 |
| Lathrup Village | $1,287 |
| Farmington | $1,242 |
| South Lyon | $1,215 |
| Southfield | $1,201 |
| Oak Park | $1,125 |
| Wixom | $1,120 |
| Orchard Lake Village | $1,115 |
| Beverly Hills | $1,069 |
| Bingham Farms | $1,069 |
| Franklin | $1,069 |
| Oxford Village | $1,062 |
| Holly Village | $1,050 |
| Lake Orion | $1,048 |
| Clawson | $1,042 |
| Keego Harbor | $1,027 |
| Sylvan Lake | $1,027 |
| Madison Heights | $1,014 |
| Pontiac | $975 |
| Berkley | $961 |
| Hazel Park | $691 |
What are the most affordable neighborhoods in Novi?
The most affordable neighborhoods in Novi are Hazel Park, where the average rent goes for $691/month, Berkley, where renters pay $961/mo on average, and Pontiac, where the average rent goes for $975/mo. If you’re looking for other great deals, check out the listings from Madison Heights ($1,014), Keego Harbor ($1,027), and Sylvan Lake ($1,027), where the asking prices are below the average Novi rent of $1,487/mo.
What are the most expensive neighborhoods in Novi?
The most expensive neighborhoods in Novi are Troy ($1,465), Ferndale ($1,866) and Birmingham ($1,944).
What are the most popular neighborhoods in Novi?
The most popular neighborhood in Novi is Southfield, where there are 24 verified RentCafe listings with an average rent of $1,201. Next up is Farmington Hills, where apartments go for $1,337/month, followed by Pontiac with $975 If you’re looking to rent in Novi’s most popular neighborhoods, make sure to also check out Rochester Hills, where renters pay $1,385 on average, and Royal Oak, where the average monthly rent is $1,304.
Novi | Rent Comparison by Neighborhood
Rent in Auburn Hills is 40% higher than in Berkley
Auburn Hills rent is 10% lower than Novi average
| Average Rent | $1,344 |
|---|
Berkley rent is 35% lower than Novi average
| Average Rent | $961 |
|---|
How Novi Compares to Other Cities
| City | Average Rent |
|---|---|
| Detroit | $1,166 |
| Grand Rapids | $1,324 |
| East Lansing | $1,429 |
| Lansing | $990 |
| Ann Arbor | $1,789 |
| Southfield | $1,201 |
| Kalamazoo | $1,144 |
| Farmington Hills | $1,337 |
| Owosso | $738 |
| Canton | $1,361 |
| Novi | $1,487 |
| Pontiac | $975 |
| Royal Oak | $1,304 |
| Westland | $1,029 |
| Sterling Heights | $1,104 |
| Ypsilanti | $1,336 |
| Troy | $1,465 |
| Ferndale | $1,866 |
| Madison Heights | $1,014 |
| Auburn Hills | $1,344 |
| Romulus | $1,079 |
Most Popular Apartments in Novi
Brownstones
42330 Joyce Ln., Novi, MI 48377- 1 BED
- 2 BEDS
- 3 BEDS
- Ask for pricing
- $2,112+
- Ask for pricing