Long-term Rental Rates — August 2026 · ZIPs: 48374,48375,48377
Local market data by Estaite
As of August 2026, rental prices in Novi, MI range from $1,331 to $2,699 per month depending on property type and bedroom count.
The largest year-over-year increase was for 2-bedroom condo/townhome units, with rents rising 7.55%.
For 4-bedroom homes, single-family properties have a median rent of $2,699, higher than apartments at $2,228.
What is the typical rental price range in Novi, MI as of August 2026?
Rentals in Novi, MI as of August 2026 range from $1,331 per month for a 1-bedroom apartment up to $2,699 per month for a 4-bedroom single-family home.
Which property type and bedroom combination is the most expensive to rent in Novi, MI?
The most expensive rental segment in Novi, MI as of August 2026 is a 4-bedroom single-family home at $2,699 per month.
What is the rent difference between apartments and single-family homes for the same bedroom count in Novi, MI?
For 3-bedroom units in Novi, MI, apartments rent for $2,080 while single-family homes are $2,173, a premium of $93 for single-family; for 4 bedrooms, apartments are $2,228 and single-family homes are $2,699, a premium of $471 for single-family as of August 2026.
What is the lowest-cost rental option in Novi, MI according to the latest data?
The lowest-cost rental in Novi, MI as of August 2026 is a 1-bedroom apartment with a median rent of $1,331 per month.
Novi, MI
August 2026
48374,48375,48377
Long-term Rental Rates
Apartment
Unit Type
Price
1 Mo Change
1 Yr Change
1-Bedroom
$1,302 – $1,360
0.54%
4.31%
2-Bedroom
$1,628 – $1,736
3.21%
5.60%
3-Bedroom
$2,045 – $2,148
1.07%
4.09%
4-Bedroom
$2,190 – $2,299
0.90%
4.41%
Condo/Townhome
Unit Type
Price
1 Mo Change
1 Yr Change
1-Bedroom
$1,348 – $1,408
0.71%
4.05%
2-Bedroom
$1,919 – $2,058
-1.54%
7.56%
3-Bedroom
$2,375 – $2,548
2.68%
7.01%
4-Bedroom
$2,513 – $2,706
1.81%
4.69%
Single-Family
Unit Type
Price
1 Mo Change
1 Yr Change
1-Bedroom
$1,313 – $1,361
0.91%
4.80%
2-Bedroom
$1,640 – $1,730
1.02%
4.52%
3-Bedroom
$2,119 – $2,228
-3.78%
1.09%
4-Bedroom
$2,541 – $2,837
1.33%
6.71%
Data updated: September 22, 2026
Novi Rental Trends
In the Novi (48374, 48375, 48377) rental market, 2-bedroom condos and townhomes saw the strongest annual growth, rising 9.35% year-over-year to a median rent of $2,007 in June 2026. The segment's monthly increase was also notable at 2.59%, outpacing all other 2BR property types in the area.
Among all segments in Novi (48374, 48375, 48377), 3-bedroom single-family rentals recorded the sharpest month-over-month gain, climbing 4.95% to a median rent of $2,236. This far surpasses the 1.50% increase posted by 3-bedroom apartments, emphasizing a greater acceleration in single-family options for mid-sized households.
Comparisons of Novi (48374, 48375, 48377) rental trends indicate 1-bedroom condos/townhomes lead their apartment counterparts by $55 at $1,355. Annual rent increases also favored condos at 4.70% versus a 4.21% rise for apartments, reflecting a consistent entry-level premium for condo-style living.