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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 Walled Lake & Beyond
Walled Lake 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
Walled Lake, MI
As of June 2026, Walled Lake's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Walled Lake's average rent is 5.0% ($71) lower than the Michigan average of $1,429 and 24.4% ($439) lower than the U.S. average of $1,797.
Average Rent
$1,358
Monthly ChangeMonth Over Month Change
16.6% ($271)
Yearly ChangeYear Over Year Change
20.5% ($231)
Avg. Days on MarketAverage Days on Market
33
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,150 | No change | 2.5% ($28) |
| 2 Beds | $1,608 | 0.1% ($2) | 5.7% ($86) |
| 3 Beds | $2,271 | 9.2% ($229) | 20.5% ($386) |
| Nearby Cities | Average Rent | Avg. Rent vs. Walled LakeAverage Rent vs. Walled Lake | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Wixom | $1,507 | 11% ($149) | 32 days |
| Novi | $1,537 | 13.2% ($179) | 37 days |
| West Bloomfield | $2,145 | 58% ($787) | 34 days |
| White Lake | $1,192 | 12.2% ($166) | 37 days |
| Farmington | $1,194 | 12.1% ($164) | 35 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Walled Lake Rental Market FAQs
Explore rental prices, market trends, and availability in Walled Lake, MI.
The average rent in Walled Lake, MI is $1,358 per month.
Apartments in Walled Lake typically rent for between $805 and $2,952 per month, with an average of $1,358 per month.
In Walled Lake, the average rent for a 1-bedroom apartment is $1,150 per month, for a 2-bedroom apartment, $1,608 per month, and a 3-bedroom apartment is $2,271 per month.
The average rent in Walled Lake is 24.4% ($439) lower than the national average of $1,797 per month.
The average rent in Walled Lake has decreased by 16.6% ($271) in the last month and increased by 20.5% ($231) over the past year.
The rental market in Walled Lake, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.
In Walled Lake, MI, the average rental stays on the market for approximately 33 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 6 rental properties available in Walled Lake, MI.
Based on the current averages, a household would need an annual income of $64,320 to comfortably afford a 2-bedroom apartment in Walled Lake.
