Rental market snapshot for Novi, Michigan

Novi, Michigan Rental Property Market Overview

The average rent for an apartment in Novi is $1,703. The cost of rent varies depending on several factors, including location, size, and quality.

The average rent has decreased by -2.5% over the past year.

Novi is a city in Oakland County in the U.S. state of Michigan. The population was 55,224 at the 2010 census. The city is located approximately 25 miles (40 km) northwest of the city of Detroit. Novi was originally incorporated as the Village of Novi on May 20, 1866. The name was taken from the Latin word for "new". The village became a city in 1969. Novi is home to the Twelve Oaks Mall, one of the largest shopping malls in Michigan. The city also has a number of office parks and industrial parks. The city is served by the Novi Community School District and the Walled Lake Consolidated School District.

Last Updated December 23, 2022

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Average monthly rent graph in Novi Michigan | Cost of Living

  • The most expensive ZIP Code in Novi is 48377 with an average price of $1,889
  • The cheapest ZIP Code in Novi is 48375 with an average price of $1,619

Novi ZIP Codes with the highest, most expensive rent

#zip codeaverage rent
148377$1,889
248375$1,690

Live near Novi, Michigan's Top Sights and Attractions

Orchard Hills West is an attraction located in Novi, Michigan. The attraction is a large outdoor park that features a variety of activities for visitors to enjoy. There are hiking trails, a playground, a picnic area, and a pond. The park is also home to a variety of wildlife, including deer, rabbits, and birds.

Maybury State Park is a 982-acre state park located in Northville, Michigan. The park features a variety of recreational activities including hiking, biking, horseback riding, and picnicking. The park also has a large lake for fishing and swimming.

Lakeshore Park is a beautiful park located on the shores of Lake Michigan. The park has a playground, picnic area, and a walking trail.

Ella Mae Power Park is a beautiful park located in Novi, Michigan. The park features a playground, a picnic area, and a walking trail. The playground is equipped with swings, slides, and a climbing structure. The picnic area has picnic tables and a grill. The walking trail is paved and goes around the perimeter of the park.

Pavilion Shore Park is a public park located on the shores of Walled Lake in Novi, Michigan. The park features a pavilion, picnic tables, a playground, a sand volleyball court, and a fishing pier.

Msu Tollgate Farm is a working farm that is open to the public for tours and events. The farm features a variety of animals, including cows, pigs, chickens, and goats. Visitors can also see how crops are grown and harvested.

Civic Center is a public park that features a playground, a basketball court, and a picnic area. The park also has a walking trail and a pond.

Wildlife Woods Park is a nature preserve with over five miles of hiking trails, a playground, and a picnic area. The park is home to many different species of animals, including deer, rabbits, squirrels, and birds.

Novi, Michigan area median rent change by ZIP Code map

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How does Novi compare to other cities in Michigan ?

citymedian price
East Lansing$1,420
Wyoming$1,820
Lake Orion$1,849
Wayne$1,100
Grand Haven$1,299
Birmingham$1,900

Average household income in Novi area graph - US Census

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The median household income in Novi in 2021 was $93,943. This represents a 22.7% change from 2011 when the median was $76,561.

#categorypercent
0Less than $10,0001.9%
1$10,000 to $14,9991.6%
2$15,000 to $19,9991.2%
3$20,000 to $24,9993.1%
4$25,000 to $29,9993.1%
5$30,000 to $34,9994.1%
6$35,000 to $39,9993.1%
7$40,000 to $44,9993.2%
8$45,000 to $49,9993.1%
9$50,000 to $59,9995.1%
10$60,000 to $74,9999.8%
11$75,000 to $99,99913.3%
12$100,000 to $124,99911.3%
13$125,000 to $149,9999.1%
14$150,000 to $199,99910.5%
15$200,000 or more16.6%

Frequently asked questions

Our data is best categorized as "alternative data", which is a burgeoning sector. Through partnerships and direct feeds, we extract key factual elements that are publicly available within rental listings on internet listing sites and property websites. Once aggregated, we mine through the data to parse out relevant insights and calculate important metrics, benchmarks, and other KPIs. Each week, our system sifts through millions of listing observations and other pockets of market information to deliver the most comprehensive picture of rental housing available.

This is a metric that we try not to overthink. Simply, we take each unique listing observation within a geographic boundary and calculate a simple average. Of course, we're careful to filter for duplicates and other listings that aren't reflective of the market.

Yes, but please attribute us accordingly.

Yes. We can deliver bulk raw data in various formats. Please contact us to discuss - [email protected]

While some of our data is refreshed daily and other data comes in weekly, the bulk of it comes in on a biweekly basis.

Our coverage is nationwide! In our platform, we have data points for every ZIP code and neighborhood boundary in the country.

Every rental housing unit is differentiated by attributes such as its location, square footage, and amenity composition. Thanks to machine learning and natural language processing technologies we deploy, we're able to deconstruct our rental listing data points and identify key amenities for each listing. With this information, we're able to give signals around how certain amenities drive rental pricing value in certain areas.

Well, we think so! At the highest level, our process is simple. Listings data is ingested, cleaned (de-duplicated. etc.), analyzed for insights, and then presented to our users.
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