Detroit apartment rents continue to climb. And in even better news for landlords, this trend is showing no sign of slowing.
That’s the takeaway from the March 2025 Detroit multifamily report from Yardi Matrix.
According to Yardi Matrix, average advertised asking monthly apartment rents in the Detroit market were up 0.2% on a trailing three-month basis as of January, reaching $1,309.
That 0.2% increase might not seem impressive. But the number looks especially good when you compare it to the national average. Yardi Matrix reported that the national average U.S. monthly apartment rent dropped 0.1% during the same time, falling to $1,746.
On a year-over-year basis, the average apartment rent in Detroit jumped 4.1% as of January of 2025, Yardi Matrix said. That’s far better than the 0.8% increase that the national average monthly apartment rent saw in January of this year compared to the same month in 2024.
Among the top 30 U.S. metropolitan areas tracked by Yardi Matrix, Detroit’s year-over-year rent growth was beaten out only by New York City, where average monthly rents increased 5.4%, and New Jersey, where monthly multifamily rents jumped 4.2% on a year-over-year basis.
Advertised asking rents in the Detroit market were down on a year-over-year basis only in the Detroit-South and Shelby Township submarkets. Yardi Matrix said that the South Lyon/Milford submarket led rent growth with advertised asking rents climbing 14.2% in January from a year earlier to an average of $1,612.
The Belleville submarket also performed well, with advertised asking rents jumping 9.5% to an average of $1,312, and Clarkston/Orion, where advertised asking rents increased 7.7% to an average of $1,413.
The most expensive submarket in which to rent? Yardi Matrix said that average advertised asking rents stood at $,1804 in the Bloomfield Hills/Birmingham submarket as of January.
The news was good for single-family rentals, too. Yardi Matrix reported that average rents for this property type were up 4% on a year-over-year basis in the Detroit market. That is second only to the 5.4% increase in the Kansas City market.
