Novi, MI Rental Market Trends
Highlights
The average rent for an apartment in Novi is $1,226, a 3% increase compared to the previous year, when the average rent was $1,189.
Average Rent in Novi, MI
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,226 | 3% | 994 sq. ft. |
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-$1,00026%
- $1,001-$1,50058%
- $1,501-$2,00013%
- > $2,0002%
Novi, MI Occupied Housing Units
- Renter-occupied Households33%
- Owner-occupied Households66%
7,638 or 33% of the households in Novi, MI are renter-occupied while 15,479 or 66% are owner-occupied.
Novi, MI Rent Trends
| Average Rent | Mar / 2017 | Jul / 2017 | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Feb / 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Novi, MI | $1,136 | $1,180 | $1,189 | $1,145 | $1,146 | $1,198 | $1,189 | $1,212 | $1,228 | $1,226 |
| National | $1,337 | $1,368 | $1,371 | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 | $1,466 | $1,468 |
Average Rent in Novi, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Hazel Park | $663 |
| Wixom | $832 |
| Pontiac | $833 |
| Lake Orion | $862 |
| Clawson | $884 |
| Holly Village | $894 |
| Sylvan Lake | $901 |
| Keego Harbor | $901 |
| South Lyon | $912 |
| Berkley | $921 |
| Madison Heights | $934 |
| Oxford Village | $935 |
| Orchard Lake Village | $941 |
| Oak Park | $953 |
| Village Of Clarkston | $1,005 |
| Royal Oak | $1,033 |
| Franklin | $1,061 |
| Bingham Farms | $1,061 |
| Beverly Hills | $1,061 |
| Farmington | $1,090 |
| Southfield | $1,093 |
| Lake Angelus | $1,151 |
| Auburn Hills | $1,151 |
| Lathrup Village | $1,154 |
| Farmington Hills | $1,170 |
| Rochester Hills | $1,192 |
| Rochester | $1,200 |
| Wolverine Lake | $1,231 |
| Walled Lake | $1,231 |
| Troy | $1,268 |
| Birmingham | $1,749 |
| Ferndale | $1,754 |
The most affordable neighborhoods in Novi are Hazel Park, where the average rent goes for $663/month, Wixom, where renters pay $832/mo on average, and Pontiac, where the average rent goes for $833/mo. If you’re looking for other great deals, check out the listings from Lake Orion ($862), Clawson ($884), and Holly Village ($894), where the asking prices are below the average Novi rent of $1,226/mo.
The most expensive neighborhoods in Novi are Troy ($1,268), Birmingham ($1,749) and Ferndale ($1,754).
The most popular neighborhood in Novi is Southfield, where there are 23 verified RENTCafé listings with an average rent of $1,093. Next up is Farmington Hills, where apartments go for $1,170/month, followed by Pontiac with $833 If you’re looking to rent in Novi’s most popular neighborhoods, make sure to also check out Rochester Hills, where renters pay $1,192 on average, and Auburn Hills, where the average monthly rent is $1,151.
Novi | Rent Comparison by Neighborhood
Rent in Auburn Hills is 25% higher than in Berkley
Auburn Hills rent is 6% lower than Novi average
| Average Rent | $1,151 |
|---|
Berkley rent is 25% lower than Novi average
| Average Rent | $921 |
|---|
How Novi Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Grand Rapids | $1,082 | 5% |
| East Lansing | $1,294 | n/a |
| Detroit | $1,069 | 1% |
| Lansing | $880 | 3% |
| Ann Arbor | $1,580 | 3% |
| Southfield | $1,093 | 6% |
| Farmington Hills | $1,170 | 4% |
| Pontiac | $833 | 2% |
| Canton | $1,144 | 3% |
| Sterling Heights | $928 | 2% |
| Novi | $1,226 | 3% |
For more information about the Novi rental trends, check out our monthly rent report
Check out Michigan Cities, Michigan Neighborhoods and Michigan Zip Codes for more details on verified listings, including the Michigan Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!