Oakland County Michigan Residential Rent and Rental Statistics
The median monthly gross residential rent in Oakland County MI was $1,045 in 2017 according to the Census ACS survey.1 Average gross rent in Oakland County was $1,117 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Oakland County median and average rent data will be released in September of 2019.
Data is also available below for Oakland County rental vacancy rates, Oakland County rent as a percent of median income and the fraction of renters in Oakland County.
Real Gross Rent in Oakland County Michigan (2017 dollars)2
| 2017 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,012 | +1.61% | +5.86% |
| Michigan Median Gross Rent | $835 | +0.48% | +3.47% |
| Oakland County MI Median Gross Rent | $1,045 | +2.05% | +7.29% |
Oakland County MI Real Gross Rent Trends
At $1,045, real median gross rent in Oakland County was at its highest level in 2017 since the series began in 2005. At $1,117, real average gross rent in Oakland County was at its highest level in 2017 since the series began in 2005.
Real Gross Rent: Oakland County MI Median, Oakland County MI Average, Michigan Median, US Median
Real Gross Rent History for Oakland County
| Date | US Median |
Michigan Median |
Oakland County MI Median |
Oakland County MI Average |
|---|---|---|---|---|
| 2017 | $1,012 | $835 | $1,045 | $1,117 |
| 2016 | $996 | $831 | $1,024 | $1,060 |
| 2015 | $987 | $826 | $1,013 | $1,056 |
| 2014 | $956 | $807 | $974 | $1,051 |
| 2013 | $924 | $784 | $933 | $989 |
| 2012 | $912 | $772 | $920 | $987 |
| 2011 | $912 | $774 | $932 | $990 |
| 2010 | $927 | $791 | $948 | $1,010 |
| 2009 | $931 | $791 | $950 | $1,037 |
| 2008 | $947 | $811 | $969 | $1,025 |
| 2007 | $899 | $778 | $945 | $991 |
| 2006 | $909 | $804 | $985 | $1,037 |
Oakland County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Oakland County Michigan was 4.68% according to Census ACS data.
Rental Vacancy Rate in Oakland County Michigan
| 2017 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 6.18% | +0.29% | -0.14% |
| Michigan | 4.87% | -0.54% | -1.01% |
| Oakland County MI | 4.68% | +0.03% | -1.77% |
Trends in Oakland County MI Rental Vacancy Rate
The rental vacancy rate in Oakland County peaked in 2009 at 11.77%. Since then it has fallen by 7.09% to 4.68%. Data records for this series originated in 2005. From a 2015 post peak low of 4.45%, the rental vacancy rate has increased by 0.23%.
Rental Vacancy Rate: Oakland County MI, Michigan, US
Historical Rental Vacancy Rate data for Oakland County
| Date | US | Michigan | Oakland County MI |
|---|---|---|---|
| 2017 | 6.18% | 4.87% | 4.68% |
| 2016 | 5.89% | 5.41% | 4.65% |
| 2015 | 5.85% | 5.19% | 4.45% |
| 2014 | 6.32% | 5.88% | 6.45% |
| 2013 | 6.49% | 6.04% | 5.50% |
| 2012 | 6.77% | 6.73% | 5.42% |
| 2011 | 7.40% | 7.72% | 7.89% |
| 2010 | 8.17% | 9.60% | 9.87% |
| 2009 | 8.43% | 9.48% | 11.77% |
| 2008 | 7.86% | 9.73% | 9.19% |
| 2007 | 7.87% | 9.66% | 10.81% |
| 2006 | 7.70% | 10.42% | 11.22% |
Rent as a Fraction of Income
Using median household income data for Oakland County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Oakland County, median monthly gross rent as a fraction of median household income was 16.19% in 2017 according to the ACS.
Oakland County Michigan Median Annual Rent as a Fraction of Median Household Income
| 2017 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.13% | -0.30% | -0.76% |
| Michigan | 18.25% | -0.45% | -0.72% |
| Oakland County MI | 16.19% | -0.63% | -0.28% |
Trends in Oakland County MI Rent as a Fraction of Income
The fraction of median Oakland County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 17.42%. Since then it has fallen by 1.24% to 16.19%.
Fraction of Income towards Rent: Oakland County MI, Michigan, US
Historical Data for Annual Rent as a Fraction of Income in Oakland County Michigan
| Date | US | Michigan | Oakland County MI |
|---|---|---|---|
| 2017 | 20.13% | 18.25% | 16.19% |
| 2016 | 20.43% | 18.70% | 16.82% |
| 2015 | 20.63% | 18.86% | 16.89% |
| 2014 | 20.89% | 18.97% | 16.47% |
| 2013 | 20.78% | 19.09% | 16.32% |
| 2012 | 20.65% | 19.16% | 16.90% |
| 2011 | 20.70% | 19.29% | 17.26% |
| 2010 | 20.50% | 19.29% | 17.42% |
| 2009 | 20.12% | 18.99% | 16.54% |
| 2008 | 19.00% | 17.44% | 15.00% |
| 2007 | 18.66% | 17.09% | 14.96% |
| 2006 | 18.90% | 17.17% | 14.93% |
Renter Fraction in Oakland County Michigan
You can calculate the renter fraction in Oakland County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Oakland County as a fraction of total Oakland County households. In 2017 28.64% of households were renters according to Census ACS data.
Oakland County Fraction of Renters by Household Units
| 2017 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 36.13% | -0.75% | -0.77% |
| Michigan | 28.67% | -1.01% | -1.09% |
| Oakland County MI | 28.64% | -1.42% | -1.35% |
Trends in the Oakland County MI Renter Fraction
The Oakland County household renter fraction peaked in in 2013 at 30.42% and is now 1.78% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Oakland County MI, Michigan, US
History of Oakland County Renter Fraction
| Date | US | Michigan | Oakland County MI |
|---|---|---|---|
| 2017 | 36.13% | 28.67% | 28.64% |
| 2016 | 36.88% | 29.68% | 30.06% |
| 2015 | 36.97% | 29.58% | 30.06% |
| 2014 | 36.90% | 29.76% | 29.99% |
| 2013 | 36.50% | 29.45% | 30.42% |
| 2012 | 36.09% | 28.94% | 29.87% |
| 2011 | 35.42% | 28.26% | 28.57% |
| 2010 | 34.65% | 27.25% | 28.57% |
| 2009 | 34.13% | 26.81% | 26.70% |
| 2008 | 33.36% | 26.02% | 25.46% |
| 2007 | 32.80% | 25.17% | 23.50% |
| 2006 | 32.73% | 24.83% | 23.16% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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