Detroit Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Detroit, MI. Currently, the overall median rent in the city stands at $1,060, after rising 0.8% last month. Prices and are now up 0.0% year-over-year. Read on to learn more about what’s been happening in the Detroit rental market and how it compares to trends throughout the broader Detroit metro area and the nation as a whole.

Detroit rents are up 0.8% month-over-month and flat year-over-year

The median rent in Detroit rose by 0.8% over the course of April, and has now increased by a total of 0.0% over the past 12 months. Detroit’s rent growth over the past year has has fallen behind the state average (3.4%) and is similar to the national average (-0.8%).

Detroit rent growth in 2024 pacing below last year

Four months into the year, rents in Detroit have risen 0.3%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 2.1%.

April rent growth in Detroit ranked #33 among large U.S. cities

Detroit rents went up 0.8% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #33. Similar monthly rent growth took place in Portland, OR (0.8%) and Chesapeake, VA (0.8%).

Detroit is the #91 most expensive large city in the U.S., with a median rent of $1,060

Citywide, the median rent currently stands at $767 for a 1-bedroom apartment and $1,027 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,060. That ranks #91 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Detroit is 24.0% lower than the national, and is similar to the prices you would find in Memphis, TN ($1,083) and Baton Rouge, LA ($1,057).

Detroit rents are 11.5% lower than the metro-wide median

If we expand our view to the wider Detroit metro area, the median rent is $1,198 meaning that the median price in Detroit proper ($1,060) is 11.5% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.4%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 7 cities in the Detroit metro area that are included in our database. Among them, Troy is currently the most expensive, with a median rent of $1,695. Detroit is the metro’s most affordable city, with a median rent of $1,060. The metro's fastest annual rent growth is occurring in Troy (9.4%) while the slowest is in Farmington Hills (-1.4%).

You can also use the map below to explore the latest rent trends in the Detroit metropolitan area.