Homes For Rent in Novi, MI

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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 March 2025, Novi's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Novi's average rent is 17.8% ($245) higher than the Michigan average of $1,376 and 9.3% ($167) lower than the U.S. average of $1,788.

Average Rent
$1,621
Monthly ChangeMonth Over Month Change
Decreased2.5% ($42)
Yearly ChangeYear Over Year Change
Decreased24.1% ($515)
Avg. Days on MarketAverage Days on Market
37
Unit Type Average Rent Monthly ChangeMonth Over Month Change Yearly ChangeYear Over Year Change
1 Bed $1,199 No change Decreased15% ($212)
2 Beds $1,647 Increased3.7% ($59) Decreased7.6% ($136)
3 Beds $1,861 Increased0.4% ($7) Decreased21.3% ($505)
Nearby Cities Average Rent Avg. Rent vs. NoviAverage Rent vs. Novi Avg. Days on MarketAverage Days on Market
Wixom $1,403 Decreased13.4% ($218) 32 days
Northville $1,813 Increased11.8% ($192) 39 days
Walled Lake $1,758 Increased8.5% ($137) 33 days
Farmington $1,230 Decreased24.1% ($391) 35 days
Plymouth $1,465 Decreased9.6% ($156) 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 $1,621 per month.
Homes in Novi typically rent for between $839 and $2,419 per month, with an average of $1,621 per month.
In Novi, the average rent for a 1-bedroom home is $1,199 per month, for a 2-bedroom home, $1,647 per month, and a 3-bedroom home is $1,861 per month.
The average rent in Novi is 9.3% ($167) lower than the national average of $1,788 per month.
The average rent in Novi has decreased by 2.5% ($42) in the last month and decreased by 24.1% ($515) 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 11 rental properties available in Novi, MI.
Based on the current averages, a household would need an annual income of $65,880 to comfortably afford a 2-bedroom home in Novi.
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