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.
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What to Know About
Life in Oak Park & Beyond
Oak Park 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
Oak Park, MI
As of June 2026, Oak Park's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Oak Park's average rent is 10.1% ($145) lower than the Michigan average of $1,429 and 28.5% ($513) lower than the U.S. average of $1,797.
Average Rent
$1,284
Monthly ChangeMonth Over Month Change
0.6% ($8)
Yearly ChangeYear Over Year Change
6.8% ($94)
Avg. Days on MarketAverage Days on Market
36
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,098 | 0.2% ($2) | 13.7% ($175) |
| 2 Beds | $1,336 | 0.2% ($3) | 21.3% ($361) |
| 3 Beds | $1,887 | 22.5% ($346) | 12.9% ($280) |
| Nearby Cities | Average Rent | Avg. Rent vs. Oak ParkAverage Rent vs. Oak Park | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Ferndale | $1,588 | 23.7% ($304) | 38 days |
| Berkley | $1,387 | 8% ($103) | 34 days |
| Royal Oak | $1,424 | 10.9% ($140) | 74 days |
| Southfield | $2,344 | 82.6% ($1060) | 35 days |
| Hazel Park | $1,469 | 14.4% ($185) | 32 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Oak Park Rental Market FAQs
Explore rental prices, market trends, and availability in Oak Park, MI.
The average rent in Oak Park, MI is $1,284 per month.
Homes in Oak Park typically rent for between $769 and $2,453 per month, with an average of $1,284 per month.
In Oak Park, the average rent for a 1-bedroom home is $1,098 per month, for a 2-bedroom home, $1,336 per month, and a 3-bedroom home is $1,887 per month.
The average rent in Oak Park is 28.5% ($513) lower than the national average of $1,797 per month.
The average rent in Oak Park has decreased by 0.6% ($8) in the last month and decreased by 6.8% ($94) over the past year.
The rental market in Oak Park, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.
In Oak Park, MI, the average rental stays on the market for approximately 36 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 8 rental properties available in Oak Park, MI.
Based on the current averages, a household would need an annual income of $53,440 to comfortably afford a 2-bedroom home in Oak Park.
