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City Report · MI

Novi

Pop. 66,717·21st most expensive in Michigan·Novi rents are up 7.3% over the past year
Median rent (all units)
$1,857/mo
Year-over-Year
+7.3%
Month-over-Month
+7.2%
vs US Median
-$108
Rising (Monthly)
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Most AffordableMost Expensive
Novi · $1,857
More expensive than 50% of US cities · National median $1,965/mo
Rent Reality Score
44/100
Fairly priced
OverheatedFairGreat value

Rents are 3% above what Novi's 10-year trend predicts — running hotter than its own history.

Actual rent
$1,857/mo
Expected by trend
$1,804/mo
The Rent Reality Score compares today's median rent to where Novi's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,290
1 BR
$1,415
2 BR
$1,790
3 BR
$2,195
4 BR+
$2,370
Research median
$1,790/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$22,284/yr
At $1,857/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.3% YoY, +7.2% MoM), not inventory.
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Demographics

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.

Population
66,717
Median income
$110,723
Median age
40
Renters
33.7%
Age distribution
23.4%
18.4%
31%
15.4%
Under 1823.4%
18–3418.4%
35–5431%
55–6411.8%
65+15.4%
Gender
49.1%
50.9%
Male49.1%
Female50.9%
Race & ethnicity
56%
28.1%
White56%
Black7.4%
Hispanic4.5%
Asian28.1%
Other4.1%
Education (25+)
12.7%
19.8%
64.1%
No HS diploma3.4%
HS diploma12.7%
Some college19.8%
Bachelor's+64.1%
Housing tenure
66.3%
33.7%
Owner66.3%
Renter33.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2022 vs 2026

How Novi, MI has changed in 5 years

Rent
$1,668 → $1,857
up 11.3%
Income
$100,311 → $110,723
up 10.4%
Population
65,369 → 66,717
up 2.1%
Renter share
33.4% → 33.7%
+0.3 pts
Bachelor's+
60.2% → 64.1%
+3.9 pts

Compared with 2022, rent in Novi, MI has increased by $189 per month, settling near $1,857 after starting the period at $1,668. Census figures show median household income at $110,723 today, compared with $100,311 five years earlier. 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.

Community

Discussions about Novi

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View Novi rent history (2015–2026) →
Salary vs rent

Can you afford rent in Novi on your salary?

At $1,857/mo, how Novi rent compares to typical pay (30% rule).

By apartment size

Novi rent by bedroom count

Median rent for each apartment size in Novi. Click any size for full breakdown.

Local insights

Tips for renters in Novi

About renting in Novi, MI

Last updated: July 20, 2026

The median rent in Novi is $1,857/mo as of July 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 20% of local median household income ($110,723/yr), Novi ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.3% over the past year.

FAQ

Frequently asked questions

Is Novi an affordable city for renters?

Novi is considered very affordable for renters. At $1,857/mo, rent takes approximately 20% of the local median household income ($110,723/yr). The standard benchmark is 30%. Novi falls comfortably within that range.

How much income do you need to rent in Novi?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (~$36/hour full-time) to afford the median rent of $1,857/mo in Novi. The local median household income is $110,723/yr, meaning the typical Novi household meets that threshold.

Is rent going up or down in Novi?

Rent in Novi has increased 7.3% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Novi neighborhoods have the lowest rent?

The most affordable ZIP codes in Novi are 48375 ($1,752/mo), and 48377 ($1,868/mo). Citywide, the median rent in Novi is $1,857/mo.

How does Novi rent compare to other cities in Michigan?

Novi is one of the pricier cities in Michigan for rent, ranking #21 out of 95 tracked cities at $1,857/mo.

Which nearby cities are cheaper to rent in than Novi?

Several nearby cities have lower median rents than Novi ($1,857/mo): Farmington Hills ($1,435/mo), Northville ($1,855/mo).

What percentage of Novi residents rent vs. own?

According to Census data, approximately 33.7% of Novi households are renters, while 66.3% are owner-occupied. Novi leans toward homeownership, which can mean a smaller rental inventory.

How does Novi rent compare to the national average?

Novi's median rent of $1,857/mo is $108 (5%) below the US national median of $1,965/mo. Within Michigan, it ranks #21 out of 95 tracked cities.
Income Affordability
20%
VERY AFFORDABLE

At $1,857/mo, rent takes ~20% of Novi's median household income ($110,723/yr). The standard benchmark is 30%.

Novi 20%Benchmark 30%
State income tax4.25%
Run the Novi affordability calculator →
Lowest-rent ZIP codes in Novi
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Novi, MI

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