Zumper, an apartment rental search platform, has released their August 2016 Rent Report, and while Detroit’s is still far below many other cities in terms of cost, rent is on the rise.
Detroit ranked as the 96th most expensive rental market in the country, with a one-bedroom costing a median price of $550 and a two-bedroom costing $650. This July, the national median price of one bedroom units grew 0.8% to reach $1,158, while two bedroom rents increased 0.1% to $1,369. Zumper’s numbers are based on the millions of verified listings on their site.
The most expensive cities in the country for rent were San Francisco at $3,460 for a one-bedroom, NYC at $3,200, Boston at $2,230, San Jose at $2,220, and Oakland at $2,210.
Detroit's rent is comparable to other Midwestern cities like Cleveland, Akron, and Indianapolis.
We’ve seen many listings in Detroit well above that median $550 price, mainly in Downtown, Midtown, Corktown, and along the Riverfront. Every week, we round up listings in a certain price point in our Curbed Comparisons. Let us know if you see a good rental or want us to cover a price point; drop us a note on the tip line!
- August 2016 Rent Report [Zumper]