Zip codes with the fastest growing rent in Michigan

Written by:
March 24, 2021
realtor.com

Zip codes with the fastest growing rent in Michigan

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Michigan using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in Michigan

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Michigan using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#30. 48309 (Rochester)

- 1 year rent change: -2.7%
--- #1 fastest falling rent among zip codes in Detroit, MI metro
- 5 year rent change: +9.3%
- Typical rent: $1,788
--- 33.9% above typical rent in Detroit, MI metro

- Pictured (for rent): 416 Timberlea Dr, Rochester Hills 48309 ($1,380)

#29. 48085 (Troy)

- 1 year rent change: -2.3%
--- #2 fastest falling rent among zip codes in Detroit, MI metro
- 5 year rent change: -6.7%
- Typical rent: $2,273
--- 70.3% above typical rent in Detroit, MI metro

- Pictured (for rent): 6820 Solomon Ave, Troy 48085 ($2,350)

#28. 48009 (Birmingham)

- 1 year rent change: +0.2%
--- #24 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +21.4%
- Typical rent: $2,207
--- 65.3% above typical rent in Detroit, MI metro

- Pictured (for rent): 400 S Old Woodward Ave, Birmingham 48009 ($4,500)

#27. 48227 (Detroit)

- 1 year rent change: +1.2%
--- #23 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +21.8%
- Typical rent: $898
--- 32.7% less than typical rent in Detroit, MI metro

- Pictured (for rent): 12635 Memorial St, Detroit 48227 ($885)

#26. 48322 (West Bloomfield)

- 1 year rent change: +1.7%
--- #22 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +6.4%
- Typical rent: $1,847
--- 38.4% above typical rent in Detroit, MI metro

- Pictured (for rent): 7110 Orchard Lake Rd, West Bloomfield 48322 ($2,825)

#25. 48076 (Southfield)

- 1 year rent change: +1.7%
--- #21 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +32.3%
- Typical rent: $1,345
--- 0.7% above typical rent in Detroit, MI metro

- Pictured (for rent): 18248 W 12 Mile Rd, Southfield 48076 ($1,895)

#24. 48307 (Rochester)

- 1 year rent change: +1.9%
--- #20 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +10.5%
- Typical rent: $1,414
--- 5.9% above typical rent in Detroit, MI metro

- Pictured (for rent): 1204 Sherwood Ct, Rochester Hills 48307 ($1,484)

#23. 48187 (Canton)

- 1 year rent change: +2.0%
--- #19 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +7.4%
- Typical rent: $1,753
--- 31.3% above typical rent in Detroit, MI metro

- Pictured (for rent): 49730 Uptown Ave, Canton 48187 ($3,740)

#22. 48188 (Canton)

- 1 year rent change: +2.6%
--- #18 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +10.5%
- Typical rent: $1,645
--- 23.2% above typical rent in Detroit, MI metro

- Pictured (for rent): 41140 Canton Ct, Canton 48188 ($1,385)

#21. 48135 (Garden City)

- 1 year rent change: +3.4%
--- #17 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +15.6%
- Typical rent: $1,207
--- 9.6% less than typical rent in Detroit, MI metro

- Pictured (for rent): 31461 Block St, Garden City 48135 ($959)

#20. 48326 (Auburn Hills)

- 1 year rent change: +3.6%
--- #16 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +19.2%
- Typical rent: $1,449
--- 8.5% above typical rent in Detroit, MI metro

- Pictured (for rent): 100 Lake Village Blvd, Auburn Hills 48326 ($2,108)

#19. 48390 (Walled Lake)

- 1 year rent change: +4.2%
--- #15 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +5.7%
- Typical rent: $1,413
--- 5.8% above typical rent in Detroit, MI metro

- Pictured (for rent): 2063 Shearwater Cir, Commerce Township 48390 ($2,149)

#18. 48237 (Oak Park)

- 1 year rent change: +4.3%
--- #14 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +23.8%
- Typical rent: $1,341
--- 0.4% above typical rent in Detroit, MI metro

- Pictured (for rent): 25500 Greenfield Rd, Oak Park 48237 ($1,020)

#17. 49505 (Grand Rapids)

- 1 year rent change: +4.6%
--- #4 fastest growing rent among zip codes in Grand Rapids, MI metro
- 5 year rent change: +27.8%
- Typical rent: $1,335
--- 3.0% above typical rent in Grand Rapids, MI metro

- Pictured (for rent): 1701 Knapp St NE, Grand Rapids 49505 ($1,877)

#16. 48328 (Waterford)

- 1 year rent change: +5.1%
--- #13 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +23.9%
- Typical rent: $1,263
--- 5.4% less than typical rent in Detroit, MI metro

- Pictured (for rent): 950 Village Green Ln, Waterford 48328 ($1,101)

#15. 48067 (Royal Oak)

- 1 year rent change: +5.4%
--- #12 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +21.4%
- Typical rent: $1,761
--- 31.9% above typical rent in Detroit, MI metro

- Pictured (for rent): 855 S Main St, Royal Oak 48067 ($2,615)

#14. 49508 (Grand Rapids)

- 1 year rent change: +5.5%
--- #3 fastest growing rent among zip codes in Grand Rapids, MI metro
- 5 year rent change: +30.7%
- Typical rent: $1,285
--- 0.8% less than typical rent in Grand Rapids, MI metro

- Pictured (for rent): 2141 Eastcastle Dr SE, Grand Rapids 49508 ($1,595)

#13. 49506 (Grand Rapids)

- 1 year rent change: +5.8%
--- #2 fastest growing rent among zip codes in Grand Rapids, MI metro
- 5 year rent change: +26.6%
- Typical rent: $1,450
--- 11.9% above typical rent in Grand Rapids, MI metro

- Pictured (for rent): 1415 Lake Dr SE, Grand Rapids 49506 ($1,425)

#12. 49504 (Grand Rapids)

- 1 year rent change: +5.9%
--- #1 fastest growing rent among zip codes in Grand Rapids, MI metro
- 5 year rent change: +38.2%
- Typical rent: $1,237
--- 4.6% less than typical rent in Grand Rapids, MI metro

- Pictured (for rent): 625 Bridge St NW, Grand Rapids 49504 ($2,665)

#11. 48230 (Grosse Pointe)

- 1 year rent change: +6.3%
--- #11 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +21.3%
- Typical rent: $1,342
--- 0.5% above typical rent in Detroit, MI metro

- Pictured (for rent): 936 Trombley Rd, Grosse Pointe Park 48230 ($850)

#10. 48066 (Roseville)

- 1 year rent change: +6.4%
--- #10 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +22.5%
- Typical rent: $1,088
--- 18.5% less than typical rent in Detroit, MI metro

- Pictured (for rent): 17134 E Thirteen Mile Rd, Roseville 48066 ($970)

#9. 48021 (Eastpointe)

- 1 year rent change: +6.5%
--- #9 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +22.2%
- Typical rent: $1,046
--- 21.6% less than typical rent in Detroit, MI metro

- Pictured (for rent): 22737 Donald Ave Apt 4, Eastpointe 48021 ($600)

#8. 48146 (Lincoln Park)

- 1 year rent change: +6.6%
--- #8 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +22.8%
- Typical rent: $1,028
--- 23.0% less than typical rent in Detroit, MI metro

- Pictured (for rent): 1050 Goddard Rd, Lincoln Park 48146 ($739)

#7. 48141 (Inkster)

- 1 year rent change: +6.9%
--- #7 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +38.0%
- Typical rent: $930
--- 30.3% less than typical rent in Detroit, MI metro

- Pictured (for rent): 572 Tobin Dr, Inkster 48141 ($1,299)

#6. 48220 (Ferndale)

- 1 year rent change: +7.4%
--- #6 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +32.5%
- Typical rent: $1,291
--- 3.3% less than typical rent in Detroit, MI metro

- Pictured (for rent): 430 W 9 Mile Rd, Detroit 48220 ($2,395)

#5. 48184 (Wayne)

- 1 year rent change: +7.6%
--- #5 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +22.9%
- Typical rent: $1,005
--- 24.7% less than typical rent in Detroit, MI metro

- Pictured (for rent): 35700 E Michigan Ave, Wayne 48184 ($820)

#4. 48239 (Redford)

- 1 year rent change: +8.0%
--- #4 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +25.5%
- Typical rent: $1,132
--- 15.2% less than typical rent in Detroit, MI metro

- Pictured (for rent): 10041 Royal Grand, Redford 48239 ($1,300)

#3. 48089 (Warren)

- 1 year rent change: +9.0%
--- #3 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +21.5%
- Typical rent: $996
--- 25.4% less than typical rent in Detroit, MI metro

- Pictured (for rent): 25108 Hoover Rd, Warren 48089 ($814)

#2. 48125 (Dearborn Heights)

- 1 year rent change: +9.2%
--- #2 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +31.7%
- Typical rent: $1,121
--- 16.0% less than typical rent in Detroit, MI metro

- Pictured (for rent): 24346 Stanford St, Dearborn Heights 48125 ($1,400)

#1. 48152 (Livonia)

- 1 year rent change: +13.8%
--- #1 fastest growing rent among zip codes in Detroit, MI metro
- 5 year rent change: +25.5%
- Typical rent: $1,501
--- 12.4% above typical rent in Detroit, MI metro

- Pictured (for rent): 19401-19757 Farmington Rd, Livonia 48152 ($1,325)

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