Farmington Hills / Novi, MI
August 2026
48331,48334,48374,48375
Long-term Rental Rates
Apartment
| Unit Type | Price | 1 Mo Change | 1 Yr Change |
|---|---|---|---|
| 1-Bedroom | $1,336 – $1,396 | -0.66% | 5.18% |
| 2-Bedroom | $1,648 – $1,757 | 0.47% | 4.35% |
| 3-Bedroom | $2,050 – $2,155 | 0.45% | 4.25% |
| 4-Bedroom | $2,186 – $2,296 | 0.92% | 4.40% |
Condo/Townhome
| Unit Type | Price | 1 Mo Change | 1 Yr Change |
|---|---|---|---|
| 1-Bedroom | $1,335 – $1,376 | -1.39% | 1.42% |
| 2-Bedroom | $1,762 – $1,878 | -1.73% | 5.52% |
| 3-Bedroom | $2,272 – $2,422 | 1.09% | 5.44% |
| 4-Bedroom | $2,438 – $2,610 | 1.53% | 4.35% |
Single-Family
| Unit Type | Price | 1 Mo Change | 1 Yr Change |
|---|---|---|---|
| 1-Bedroom | $1,313 – $1,361 | 0.91% | 4.80% |
| 2-Bedroom | $1,591 – $1,672 | -2.48% | 1.90% |
| 3-Bedroom | $2,097 – $2,272 | -3.28% | 1.24% |
| 4-Bedroom | $2,653 – $2,874 | 1.46% | 7.79% |
In the Farmington Hills / Novi (48331, 48334, 48374, 48375) rental market, 1-bedroom apartments rose sharply to a median of $1,372, registering a 3.41% increase month over month and a 6.41% gain year over year. This segment saw the most pronounced recent uptick compared to other property types and bedrooms.
Among 3-bedroom units across Farmington Hills / Novi (48331, 48334, 48374, 48375), single-family homes command the highest median rent at $2,196, surpassing both apartments at $2,005 and condos/townhomes at $2,271. The single-family segment also posted a 7.07% annual increase, reflecting the strongest year-over-year gain among 3-bedroom options.
Monthly declines are evident in the condo/townhome sector, as Farmington Hills / Novi (48331, 48334, 48374, 48375) rental trends indicate a 4.07% drop in 2-bedroom unit median rents to $1,733. While still maintaining modest 1.80% annual growth, this marks the sharpest month-over-month decline among all property segments.