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 Royal Oak & Beyond
Royal Oak 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
Royal Oak, MI
As of June 2026, Royal Oak's rental market is tenant-friendly, with extended leasing periods, prompting landlords to offer incentives or reduced pricing. Royal Oak's average rent is 0.3% ($5) lower than the Michigan average of $1,429 and 20.8% ($373) lower than the U.S. average of $1,797.
Average Rent
$1,424
Monthly ChangeMonth Over Month Change
5.2% ($78)
Yearly ChangeYear Over Year Change
10.8% ($139)
Avg. Days on MarketAverage Days on Market
74
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,376 | No change | 7.4% ($95) |
| 2 Beds | $1,821 | 3.2% ($60) | 3.4% ($60) |
| 3 Beds | $2,571 | 0.5% ($12) | 16% ($355) |
| Nearby Cities | Average Rent | Avg. Rent vs. Royal OakAverage Rent vs. Royal Oak | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Berkley | $1,387 | 2.6% ($37) | 34 days |
| Madison Heights | $1,365 | 4.1% ($59) | 38 days |
| Clawson | $1,218 | 14.5% ($206) | 32 days |
| Oak Park | $1,284 | 9.8% ($140) | 36 days |
| Ferndale | $1,588 | 11.5% ($164) | 38 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Royal Oak Rental Market FAQs
Explore rental prices, market trends, and availability in Royal Oak, MI.
The average rent in Royal Oak, MI is $1,424 per month.
Apartments in Royal Oak typically rent for between $963 and $3,342 per month, with an average of $1,424 per month.
In Royal Oak, the average rent for a 1-bedroom apartment is $1,376 per month, for a 2-bedroom apartment, $1,821 per month, and a 3-bedroom apartment is $2,571 per month.
The average rent in Royal Oak is 20.8% ($373) lower than the national average of $1,797 per month.
The average rent in Royal Oak has decreased by 5.2% ($78) in the last month and increased by 10.8% ($139) over the past year.
The rental market in Royal Oak, MI, is currently tenant-friendly, with extended leasing periods, prompting landlords to offer incentives or reduced pricing.
In Royal Oak, MI, the average rental stays on the market for approximately 74 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 33 rental properties available in Royal Oak, MI.
Based on the current averages, a household would need an annual income of $72,840 to comfortably afford a 2-bedroom apartment in Royal Oak.
