Our first rental reports are coming in from 2016, and as expected, rents did increase in the city. ABODO, who looked at over 1 million rental prices across America through 2016, just released their annual report which shows how much the average price for a one-bedroom rental changed around the country. Detroit is still below the average, but rising slightly through the year.
Basically, in Detroit, the average rental price for a one-bedroom was $620 (that’s all Detroit - not just downtown, not metro Detroit). That price fluctuated from a low of $602 in May/June, to a spike in December of $725.
With an influx of new apartments coming soon (The Griswold, DuCharme Place, and Orleans Landing), we could see that number increase even more.
For 2016, Detroit’s average rent was lower than the rest of Michigan, which saw an average of $735/month.
So where is the rent the highest in the country? San Francisco still holds the top spot, with an average of $3,526/month in January 2017. They’re followed by New York, San Jose, Boston, and Los Angeles, who rounds out the top five with a $2,194 average rent.
Looking for a place to rent in Detroit? We just featured five rentals at about $750 around the city.