Farmington Hills Rent Report: October 2024

Welcome to the Apartment List October 2024 Rent Report for Farmington Hills, MI. Currently, the overall median rent in the city stands at $1,497, after rising 0.7% last month. Prices and are now up 1.3% year-over-year. Read on to learn more about what’s been happening in the Farmington Hills rental market and how it compares to trends throughout the broader Detroit metro area and the nation as a whole.

Farmington Hills rents are up 0.7% month-over-month and up 1.3% year-over-year

The median rent in Farmington Hills rose by 0.7% over the course of September, and has now increased by a total of 1.3% over the past 12 months. Farmington Hills’s rent growth over the past year has has fallen behind the state average (3.3%) but has outpaced the national average (-0.7%).

Farmington Hills rent growth in 2024 pacing above last year

Nine months into the year, rents in Farmington Hills have risen 6.3%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had increased 4.2%.

Farmington Hills rents are 21.8% higher than the metro-wide median

If we expand our view to the wider Detroit metro area, the median rent is $1,229 meaning that the median price in Farmington Hills ($1,497) is 21.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 3.0%, 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 $1,703. Detroit is the metro’s most affordable city, with a median rent of $1,055. The metro's fastest annual rent growth is occurring in Troy (6.8%) while the slowest is in Detroit (0.2%).

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

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.