How many renters live in Otsego, Michigan?
The City of Otsego has 4,083 people living in 1,641 households.
There are 1,263 renters living in 469 renter households in this City. Renters make up 30.93 percent of the population living in Otsego.
What is the rental market like in Otsego, Michigan?
There are an estimated 1,744 housing units in the Otsego area. Of these, 497 units are rental homes, making up 28 percent of the housing market. For every renter household in Otsego, Michigan, there are 1 rental units.
What is the vacancy rate for rentals in Otsego?
The rental vacancy rate in Otsego is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Otsego for each bedroom size?
Occupied Rental Units by Size in Otsego
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 101 | 225 | 131 | 12 |
Occupied Rental Units by Size in Otsego
A large number of apartments in Otsego have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Otsego are overburdened by housing costs?
Among renter households in this market, 24 percent have housing cost burden. Further, 3 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Otsego
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $832 to $1,466. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $832 |
| One BR | $838 |
| Two BR | $1,101 |
| Three BR | $1,427 |
| Four BR | $1,466 |
2024 Fair Market Rents in Otsego, Michigan
How many units are rented at Fair Market Rent (FMR) in Otsego?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 67 | 66 percent |
| Two BR | 95 | 42 percent |
Rental Units Below FMR in Otsego, Michigan
How many affordable rental units are in Otsego?
There are a variety of federal affordable housing programs serving households in Otsego, Michigan including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 37 |
| Section 8 Project-Based Rental Assistance | 48 |
| USDA Section 515 Rural Rental Housing | 61 |
Tracked Units by Federal Program in Otsego, Michigan
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Otsego, Michigan
Otsego features 109 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Otsego, Michigan
There are 45 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Otsego.
Housing Choice Vouchers in Otsego, Michigan
On average, Section 8 Housing Choice vouchers pay Otsego landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Otsego.
The maximum amount a voucher would pay on behalf of a low-income tenant in Otsego, Michigan for a two-bedroom apartment is between $991 and $1,211.
Sourced from federal housing data and AffordableHousingOnline.com research.
