Troy, MI Rental Market Trends
Last updated: August 31, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Troy is $1,615, a 1.13% increase compared to the previous year, when the average rent was $1,597.
Studio Apartments at $1,235 offer the most budget-friendly option with 530 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 826 square feet for $1,440, balancing privacy and affordability.
Two-bedroom units at $1,692 offer 1,116 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,404 sq ft) for $2,091, suitable for larger households.
Average rent in Troy, MI
Last updated: August 31, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $1,615 | 1,013 sq. ft. |
| Studio | $1,235 | 530 sq. ft. |
| 1 Bed | $1,440 | 826 sq. ft. |
| 2 Beds | $1,692 | 1,116 sq. ft. |
| 3 Beds | $2,091 | 1,404 sq. ft. |
Troy, MI rent trends
Rental prices in Troy, MI have increased by 1.13% over the past year. The average rent moved from $1,597 to $1,615.
What's the typical rent budget in Troy, MI?
The largest share of rentals in Troy, MI (49%) fall between $1,501-$2,000 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Troy, MI?
8,926 or 27% of the households in Troy, MI are renter-occupied while 24,446 or 73% are owner-occupied.
Most affordable neighborhoods in Troy?
Wixom $1,176/month
Pontiac $1,205/month
Clawson $1,228/month
All of these neighborhoods fall below the city wide average of $1,615/month.Most expensive neighborhoods in Troy?
Rochester Hills $1,688/month
Novi $1,697/month
Birmingham $3,039/month
These neighborhoods typically command higher rents due to location, amenities, and demand.Average Rent in Troy, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $3,039 |
| Novi | $1,697 |
| Rochester Hills | $1,688 |
| Royal Oak | $1,652 |
| Auburn Hills | $1,625 |
| Farmington Hills | $1,488 |
| Southfield | $1,437 |
| Rochester | $1,406 |
| South Lyon | $1,338 |
| Walled Lake | $1,336 |
| Farmington | $1,260 |
| Madison Heights | $1,256 |
| Oak Park | $1,249 |
| Clawson | $1,228 |
| Pontiac | $1,205 |
| Wixom | $1,176 |
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Troy | Rent Comparison by Neighborhood
Rent in Auburn Hills is 47% lower than in Birmingham
$1,625
Auburn Hills rent is 1% higher than Troy average
Average Rent
$1,625
$3,039
Birmingham rent is 88% higher than Troy average
Average Rent
$3,039
How Troy Compares to Other Cities
| City | Average Rent |
|---|---|
| Troy | $1,615 |
| Detroit | $1,356 |
| Ann Arbor | $2,116 |
| Grand Rapids | $1,624 |
| Lansing | $1,242 |
| East Lansing | $1,790 |
| Kalamazoo | $1,333 |
| Southfield | $1,437 |
| Ypsilanti | $1,307 |
| Westland | $1,189 |
| Farmington Hills | $1,488 |
| Royal Oak | $1,652 |
| Novi | $1,697 |
| Sterling Heights, MI | $1,307 |
| Pontiac, MI | $1,205 |
| Rochester Hills, MI | $1,688 |
| Livonia, MI | $1,464 |
| Warren, MI | $1,139 |
| Oak Park, MI | $1,249 |
| Dearborn, MI | $1,730 |
| Auburn Hills, MI | $1,625 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Troy apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.