Detroit Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Detroit, MI. Currently, the overall median rent in the city stands at $1,052, roughly the same as last month. Prices remain up 0.1% 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 flat month-over-month and flat year-over-year

The median rent in Detroit fell by 0.2% over the course of March, and has now increased by a total of 0.1% over the past 12 months. Detroit’s rent growth over the past year has has fallen behind the state average (3.1%) and is similar to the national average (-0.8%).

Detroit rent growth in 2024 pacing below last year

Three months into the year, rents in Detroit have fallen 0.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 1.1%.

March rent growth in Detroit ranked #86 among large U.S. cities

Detroit rents went down 0.2% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #86. Similar monthly rent growth took place in Indianapolis, IN (-0.2%) and Colorado Springs, CO (-0.3%).

Detroit is the #93 most expensive large city in the U.S., with a median rent of $1,052

Citywide, the median rent currently stands at $760 for a 1-bedroom apartment and $1,019 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,052. That ranks #93 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Detroit is 24.2% lower than the national, and is similar to the prices you would find in Baton Rouge, LA ($1,059) and Huntsville, AL ($1,038).

Detroit rents are 11.2% lower than the metro-wide median

If we expand our view to the wider Detroit metro area, the median rent is $1,184 meaning that the median price in Detroit proper ($1,052) is 11.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.9%, 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 $1,633. Detroit is the metro’s most affordable city, with a median rent of $1,052. The metro's fastest annual rent growth is occurring in Troy (7.0%) while the slowest is in Farmington Hills (-1.6%).

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