Landlord Resources
How to Get a Loan for a Rental Property
Rental property loans differ from traditional mortgages, needing larger down payments, higher interest rates, and reserves, often disregarding projected rental income.
•11 min read
What to Know About
Life in Novi & Beyond
Novi shares many of the great qualities that make Michigan a desirable place to live.
Michigan is bordered by four Great Lakes, making it a popular destination for boating and water activities. Michigan is also home to many national parks, including Isle Royale National Park and Sleeping Bear Dunes National Lakeshore. Explore the state's rich heritage through visits to renowned museums such as the Henry Ford Museum and the Michigan Historical Museum or get an excellent education at top universities like Michigan State University and the University of Michigan. In addition, Michigan boasts a robust economy in the manufacturing, technology, and tourism industries.
The state provides numerous opportunities for thrills and excitement. From soaking in the stunning views of the Great Lakes to hitting the ski slopes in the nearby mountains, outdoor enthusiasts will find plenty to love. Additionally, Michigan is home to several sports teams, including the Detroit Lions (NFL), Detroit Red Wings (NHL), Detroit Tigers (MLB), and Detroit Pistons (NBA). Explore famous attractions like Mackinac Island, the Detroit Institute of Arts, and scenic Mackinaw City.
Michigan offers a high quality of life, a strong economy, and a welcoming community, making it a great place to live.
Rental Market Trends
Novi, MI
As of June 2026, Novi's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Novi's average rent is 7.6% ($108) higher than the Michigan average of $1,429 and 14.5% ($260) lower than the U.S. average of $1,797.
Average Rent
$1,537
Monthly ChangeMonth Over Month Change
0.4% ($6)
Yearly ChangeYear Over Year Change
11.6% ($201)
Avg. Days on MarketAverage Days on Market
37
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,218 | 1.5% ($18) | 2.7% ($34) |
| 2 Beds | $1,535 | 1.2% ($19) | 8% ($133) |
| 3 Beds | $2,001 | 4.9% ($94) | 1.2% ($23) |
| Nearby Cities | Average Rent | Avg. Rent vs. NoviAverage Rent vs. Novi | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Wixom | $1,507 | 2% ($30) | 32 days |
| Northville | $2,087 | 35.8% ($550) | 39 days |
| Walled Lake | $1,358 | 11.6% ($179) | 33 days |
| Farmington | $1,194 | 22.3% ($343) | 35 days |
| Plymouth | $1,334 | 13.2% ($203) | 40 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Novi Rental Market FAQs
Explore rental prices, market trends, and availability in Novi, MI.
The average rent in Novi, MI is $1,537 per month.
Homes in Novi typically rent for between $853 and $2,601 per month, with an average of $1,537 per month.
In Novi, the average rent for a 1-bedroom home is $1,218 per month, for a 2-bedroom home, $1,535 per month, and a 3-bedroom home is $2,001 per month.
The average rent in Novi is 14.5% ($260) lower than the national average of $1,797 per month.
The average rent in Novi has increased by 0.4% ($6) in the last month and decreased by 11.6% ($201) over the past year.
The rental market in Novi, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.
In Novi, MI, the average rental stays on the market for approximately 37 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.
There are currently 3 rental properties available in Novi, MI.
Based on the current averages, a household would need an annual income of $61,400 to comfortably afford a 2-bedroom home in Novi.
