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Ann Arbor vs Warren for Rental Property Investing

Side-by-side comparison of Ann Arbor, MI and Warren, MI — cap rates, rent, prices, and investment metrics.

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Warren wins 4–3 across key metrics
Warren leads on cash flow (4.47% vs 2.61% cap rate) · Ann Arbor leads on population growth
Metric
Ann Arbor, MI
Warren, MI
Est. Cap Rate
2.61%
4.47%
Median Home Price
$395,000
$185,000
Median Monthly Rent
$1,680
$1,100
1% Rule
0.43%
0.59%
GRM
19.6x
14.0x
Price / Income
5.8x
3.8x
Property Tax Rate
1.48%
1.44%
Vacancy Rate
4.2%
6%
Population Growth
0.8% / yr
0.1% / yr
Annual Appreciation
3%
2.2%
Population
125,710
139,000
Median Income
$68,200
$48,600

Ann Arbor vs Warren: Which Is Better for Investors?

Cash flow: Warren has the edge with an estimated cap rate of 4.47% compared to Ann Arbor's 2.61%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $395,000 in Ann Arbor vs $185,000 in Warren, while rents come in at $1,680/mo and $1,100/mo respectively.

Growth & appreciation: Ann Arbor is growing faster at 0.8% annually vs Warren's 0.1%. Ann Arbor leads on home value appreciation at 3% per year.

Costs & risk: Property taxes are 1.48% in Ann Arbor vs 1.44% in Warren. Vacancy rates of 4.2% and 6% are mixed — Ann Arbor has the tighter rental market.

Bottom line: Warren edges out Ann Arbor on most key metrics. While cap rates are moderate at 4.47%, Warren's overall profile is stronger. Use our free calculators to model specific deals in Ann Arbor or Warren.

Ann Arbor, MI
2.61% cap rate · $395,000 median · $1,680/mo
Full analysis →
Warren, MI
4.47% cap rate · $185,000 median · $1,100/mo
Full analysis →
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