Flats at Iron Ridge
3351 Bermuda St,
Ferndale, MI 48220
1-3 Beds | $3,014 - 3,559
Rental Market Trends in Royal Oak, MI
What is the average rent in Royal Oak, MI?
$1,295/month
Average Rent
712 Sq Ft
Average Apartment Size
+1.8%
Increase in the Last Year
As of November 2024, the average rent in Royal Oak, MI is $1,295 per month. This is 17% lower than the national average rent of $1,559/month, making renting in Royal Oak more affordable than most cities in the US. When you rent an apartment in Royal Oak, you can expect to pay about $1,218 per month for a studio, $1,295 for a one-bedroom apartment, and around $1,589 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,454 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Royal Oak, MI?
In the past year, rent has increased by 1.8%, which averages out to $24 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated November 2024
Legend
2023
2024
Rent Ranges in Royal Oak, MI
Last Updated November 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
4%
Below $700/month
22%
$700 - $1,000/month
50%
$1,001 - $1,500/month
17%
$1,501 - $2,000/month
7%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Royal Oak?
Based on current rent prices, Downtown Royal Oak is the most affordable neighborhood in Royal Oak.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Royal Oak?
Based on current rent prices, Downtown Royal Oak is the most expensive neighborhood in Royal Oak.
Neighborhood
Average Rent
Average Sq Ft
Which Royal Oak neighborhoods have the most rentals available?
The neighborhood in Royal Oak with the most apartments available is Downtown Royal Oak .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Royal Oak, MI?
Because the average rent in Royal Oak is $1,295, you’ll want to make about $4,316 per month or $51,792 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Royal Oak, MI compare to other nearby cities and neighborhoods?
Use the tool below to compare Royal Oak, MI to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,579/month
$1,579/month
One Bedroom
$2,326/month
$2,326/month
Two Bedroom
$3,191/month
$3,191/month
Three Bedroom
$3,539/month
$3,539/month
Nearby City Rent Trends
Apartment communities in Royal Oak we think you'll love
Property Management Companies in Royal Oak, MI
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770
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2,708
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BEZTAK Properties
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115
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Friedman Real Estate
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42
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Cormorant
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14
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1,594
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11
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3 Communities in Royal Oak
Gordon Management
-
13
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2,123
Units
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8
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3 Communities in Royal Oak
Trowbridge Companies
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12
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1,756
Units
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8
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3 Communities in Royal Oak
Solomon Organization
-
53
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21,332
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43
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.