Novi, MI Rental Market Trends
Last updated: February 20, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Novi is $1,676, a 2.22% increase compared to the previous year, when the average rent was $1,640.
One-bedroom apartments provide 794 square feet for $1,306, balancing privacy and affordability.
Two-beedroom units at $1,763 offer 1,119 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,560 sq ft) for $2,521, suitable for larger households.
Average rent in Novi, MI
Last updated: February 20, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $1,676 | 1,050 sq. ft. |
| Studio | n/a | n/a |
| 1 Bed | $1,306 | 794 sq. ft. |
| 2 Beds | $1,763 | 1,119 sq. ft. |
| 3 Beds | $2,521 | 1,560 sq. ft. |
Novi, MI rent trends
Rental prices in Novi, MI have increased by 2.22% over the past year. The average rent moved from $1,640 to $1,676.
What's the typical rent budget in Novi, MI?
The largest share of rentals in Novi, MI (37%) fall between $1,001-$1,500 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Novi, MI?
8,466 or 32% of the households in Novi, MI are renter-occupied while 18,008 or 68% are owner-occupied.
Most affordable neighborhoods in Novi?
Wixom $1,161/month
Pontiac $1,201/month
Walled Lake $1,233/month
All of these neighborhoods fall below the city wide average of $1,676/month.Most expensive neighborhoods in Novi?
Rochester Hills $1,674/month
Ferndale $2,164/month
Birmingham $3,090/month
These neighborhoods typically command higher rents due to location, amenities, and demand.Average Rent in Novi, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $3,090 |
| Ferndale | $2,164 |
| Rochester Hills | $1,674 |
| Troy | $1,586 |
| Auburn Hills | $1,575 |
| Royal Oak | $1,538 |
| Farmington Hills | $1,464 |
| Rochester | $1,456 |
| Southfield | $1,402 |
| South Lyon | $1,317 |
| Farmington | $1,260 |
| Clawson | $1,253 |
| Madison Heights | $1,242 |
| Oak Park | $1,237 |
| Walled Lake | $1,233 |
| Pontiac | $1,201 |
| Wixom | $1,161 |
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Novi | Rent Comparison by Neighborhood
Rent in Auburn Hills is 49% lower than in Birmingham
$1,575
Auburn Hills rent is 6% lower than Novi average
Average Rent
$1,575
$3,090
Birmingham rent is 84% higher than Novi average
Average Rent
$3,090
How Novi Compares to Other Cities
| City | Average Rent |
|---|---|
| Novi | $1,676 |
| Detroit | $1,316 |
| Grand Rapids | $1,547 |
| East Lansing | $1,769 |
| Lansing | $1,237 |
| Ann Arbor | $2,021 |
| Southfield | $1,402 |
| Kalamazoo | $1,308 |
| Farmington Hills | $1,464 |
| Ypsilanti | $1,270 |
| Westland | $1,151 |
| Pontiac | $1,201 |
| Troy | $1,586 |
| Royal Oak, MI | $1,538 |
| Auburn Hills, MI | $1,575 |
| Ferndale, MI | $2,164 |
| Livonia, MI | $1,441 |
| Oak Park, MI | $1,237 |
| Dearborn, MI | $1,699 |
| Madison Heights, MI | $1,242 |
| Wixom, MI | $1,161 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Novi apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.