19 Cheap Apartments for rent in Detroit, MI
June 2020 Detroit Rent Report
Welcome to the June 2020 Detroit Rent Report. Detroit rents remained steady over the past month. In this report, we'll evaluate trends in the Detroit rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Detroit Rent Report
Welcome to the June 2020 Detroit Rent Report. Detroit rents remained steady over the past month. In this report, we'll evaluate trends in the Detroit rental market, including comparisons to cities throughout the metro, state, and nation.
Detroit rents increased over the past month
Detroit rents have increased 0.1% over the past month, but have been relatively flat at 0.3% in comparison to the same time last year. Currently, median rents in Detroit stand at $691 for a one-bedroom apartment and $900 for a two-bedroom. Detroit's year-over-year rent growth lags the state and national averages, which both stand at 0.8%.
Rents rising across the Detroit Metro
While rents have remained steady in the city of Detroit throughout the past year, cities across the metro have seen a different trend. Rents have risen in 9 of of the largest 10 cities in the Detroit metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Warren has seen the fastest rent growth in the metro, with a year-over-year increase of 3.3%. The median two-bedroom there costs $1,036, while one-bedrooms go for $796.
- Over the past year, Troy is the only city in the metro that has seen rents fall, with a decline of 1.0%. Median two-bedrooms there cost $1,284, while one-bedrooms go for $986.
- Taylor has the least expensive rents in the Detroit metro, with a two-bedroom median of $897; rents rose 0.8% over the past year but remained flat month-over-month.
- Dearborn has the most expensive rents of the largest cities in the Detroit metro, with a two-bedroom median of $1,382; rents fell 0.1% over the past month but rose 1.2% over the past year.
Detroit rents more affordable than many similar cities nationwide
Rent growth in Detroit has been relatively stable over the past year - some other large cities have seen more substantial increases. Detroit is still more affordable than most comparable cities across the country.
- Other cities across the state have seen rents increase, with Michigan as a whole logging rent growth of 0.8% over the past year. For example, rents have grown by 0.4% in Grand Rapids and 0.4% in Lansing.
- Detroit's median two-bedroom rent of $900 is below the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the stagnant growth in Detroit.
- While rents in Detroit remained moderately stable this year, similar cities saw increases, including El Paso (+2.1%), Fresno (+1.5%), and Las Vegas (+1.3%); note that median 2BR rents in these cities go for $853, $1,057, and $1,191 respectively.
- Renters will find more reasonable prices in Detroit than most other large cities. For example, Chicago has a median 2BR rent of $1,291, which is nearly one-and-a-half times the price in Detroit.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.