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 South Lyon & Beyond
South Lyon 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
South Lyon, MI
As of June 2026, South Lyon's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. South Lyon's average rent is 15.8% ($226) higher than the Michigan average of $1,429 and 7.9% ($142) lower than the U.S. average of $1,797.
Average Rent
$1,655
Monthly ChangeMonth Over Month Change
2.2% ($38)
Yearly ChangeYear Over Year Change
38.3% ($1028)
Avg. Days on MarketAverage Days on Market
36
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,210 | 0.9% ($11) | 27.7% ($464) |
| 2 Beds | $1,601 | 2.4% ($39) | 29.5% ($669) |
| 3 Beds | $2,261 | 0.4% ($10) | 19.6% ($552) |
| Nearby Cities | Average Rent | Avg. Rent vs. South LyonAverage Rent vs. South Lyon | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Northville | $2,087 | 26.1% ($432) | 39 days |
| Plymouth | $1,334 | 19.4% ($321) | 40 days |
| Wixom | $1,507 | 8.9% ($148) | 32 days |
| Brighton | $1,230 | 25.7% ($425) | 39 days |
| Novi | $1,537 | 7.1% ($118) | 37 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
South Lyon Rental Market FAQs
Explore rental prices, market trends, and availability in South Lyon, MI.
The average rent in South Lyon, MI is $1,655 per month.
Houses in South Lyon typically rent for between $847 and $2,939 per month, with an average of $1,655 per month.
In South Lyon, the average rent for a 1-bedroom house is $1,210 per month, for a 2-bedroom house, $1,601 per month, and a 3-bedroom house is $2,261 per month.
The average rent in South Lyon is 7.9% ($142) lower than the national average of $1,797 per month.
The average rent in South Lyon has decreased by 2.2% ($38) in the last month and decreased by 38.3% ($1,028) over the past year.
The rental market in South Lyon, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.
In South Lyon, 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 3 rental properties available in South Lyon, MI.
Based on the current averages, a household would need an annual income of $64,040 to comfortably afford a 2-bedroom house in South Lyon.
