Michigan average rent rates slow down this month
(CBS DETROIT) - Rent prices were up in November 2022 for several states across the country, including Michigan, although the growth is starting to slow down, according to a study done by Rent.com,
Michigan's rent prices increased 8.61% from last year, with an average median rate of $1,321 a month.
For the city of Detroit, that spike was up 2.8% from last year, averaging $1,618 a month.
Both the city of Detroit and the state of Michigan saw a percentage change last month, averaging less than 1%.
According to the report, only five states saw rent prices decrease since last November. These states include:
- Nevada (-3.8 percent)
- Maryland (-1.3 percent)
- Idaho (-1.2 percent)
- Georgia (-1.2 percent)
- Virginia (-0.1 percent)
The study also predicts rent prices will drop in 2023 as the supply of single-family homes increases. To view the full study, visit here.
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