33 1 Bedroom Apartments for rent in Lincoln Park, MI
July 2020 Lincoln Park Rent Report
Welcome to the July 2020 Lincoln Park Rent Report. Lincoln Park rents increased over the past month. In this report, we'll evaluate trends in the Lincoln Park rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Lincoln Park Rent Report
Welcome to the July 2020 Lincoln Park Rent Report. Lincoln Park rents increased over the past month. In this report, we'll evaluate trends in the Lincoln Park rental market, including comparisons to cities throughout the metro, state, and nation.
Lincoln Park rents increased slightly over the past month
Lincoln Park rents have increased 0.2% over the past month, and are up marginally by 0.5% in comparison to the same time last year. Currently, median rents in Lincoln Park stand at $683 for a one-bedroom apartment and $890 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in January. Lincoln Park's year-over-year rent growth lags the state average of 0.6%, but exceeds the national average of 0.2%.
Rents rising across the Detroit Metro
Throughout the past year, rent increases have been occurring not just in the city of Lincoln Park, but across the entire metro. Of the largest 10 cities that we have data for in the Detroit metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Dearborn has the most expensive rents in the Detroit metro, with a two-bedroom median of $1,373; however, the city has also seen rents fall by 0.4% over the past year, the biggest drop in the metro.
- Warren has seen the fastest rent growth in the metro, with a year-over-year increase of 1.8%. The median two-bedroom there costs $1,034, while one-bedrooms go for $795.
- Taylor has the least expensive rents in the Detroit metro, with a two-bedroom median of $897; rents remained steady over the past month.
Lincoln Park rents more affordable than many large cities nationwide
As rents have increased marginally in Lincoln Park, other large cities nationwide have seen rents grow more quickly. Lincoln Park is still more affordable than most large cities across the country.
- Although rents across cities in Michigan have been on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 0.4% in Lansing and 0.3% in Grand Rapids.
- Lincoln Park's median two-bedroom rent of $890 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Lincoln Park's rents rose marginally over the past year, many cities nationwide saw decreases, including Baltimore (-0.7%), Charlotte (-0.4%), and Philadelphia (-0.3%).
- Renters will find more reasonable prices in Lincoln Park than most large cities. For example, Chicago has a median 2BR rent of $1,289, which is nearly one-and-a-half times the price in Lincoln Park.
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.