Welcome to the December 2022 Detroit Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the December 2022 key findings and figures for the Detroit rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Detroit and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Detroit average rent prices in the chart below.
Detroit rent prices increased over the last month. From November to December, the city experienced a 3.09% increase for the price of a one-bedroom apartment. The rent price for a Detroit one-bedroom apartments currently stands at $1,367.0.
When we take a look at the two-bedroom comparison from November to December, Detroit experienced a -4.05% decrease for the price of a two-bedroom apartment. The rent price for a Detroit two-bedroom apartments currently stands at $1,278.0.
Rent prices have increased in Detroit over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 2 of the Detroit suburbs increased last month. On the other hand, 4 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Southfield, MI, Troy, MI .
Rent decreased in Farmington Hills, MI, Clinton Township, MI, Livonia, MI, Sterling Heights, MI.
1 suburb is currently priced higher than the city of Detroit.
5 suburbs are currently priced lower than the city of Detroit.
Rent growth in Detroit over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Detroit average rent prices appear to be relatively affordable for local residents.
The price for a Detroit one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's December 2022 National Apartment Report and data set here.
For more information about Detroit and surrounding area rent prices, take a look at the complete data set below.
|1 BR December||1 BR M/M % Change||2 BR December||2 BR M/M % Change|
|Farmington Hills, MI||$1,202.0||-2.20%||$1,563.0||-3.70%|
|Clinton Township, MI||$1,204.0||-4.75%||$1,405.0||-5.39%|
|Sterling Heights, MI||$1,223.0||-4.75%||$1,489.0||-3.94%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.