Rents are 7% above what Novi's 10-year trend predicts — running hotter than its own history.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,931 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Novi, MI is majority owner-occupied, has a median income above the national average, 64.1% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Novi, MI has changed in 5 years
Compared with 2022, rent in Novi, MI has increased by $263 per month, settling near $1,931 after starting the period at $1,668. Census figures show median household income at $110,723 today, compared with $100,311 five years earlier. Rent outpaced income growth by roughly 5.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 65,369 to 66,717 between 2021 and 2024, a 2.1% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 60.2% to 64.1%. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.
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Can you afford rent in Novi on your salary?
At $1,931/mo, how Novi rent compares to typical pay (30% rule).
Novi rent by bedroom count
Median rent for each apartment size in Novi. Click any size for full breakdown.
Tips for renters in Novi
Last updated: August 17, 2026
The median rent in Novi is $1,931/mo as of August 2026. A studio apartment averages $1,290/mo while a 2-bedroom runs $1,790/mo. One-bedroom apartments average $1,415/mo and 3-bedroom units go for $2,195/mo.
At 21% of local median household income ($110,723/yr), Novi ranks as affordable compared to the national benchmark of 30%. Rents have increased 11.5% over the past year.
Frequently asked questions
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What percentage of Novi residents rent vs. own?
How does Novi rent compare to the national average?
At $1,931/mo, rent takes ~21% of Novi's median household income ($110,723/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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