Troy, MI Rental Market Trends
Last updated: April 22, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Troy is $1,612, a 1.47% decrease compared to the previous year, when the average rent was $1,636.
Studio Apartments at $1,206 offer the most budget-friendly option with 529 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 814 square feet for $1,460, balancing privacy and affordability.
Two-beedroom units at $1,682 offer 1,112 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,404 sq ft) for $2,056, suitable for larger households.
Average rent in Troy, MI
Last updated: April 22, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $1,612 | 1,003 sq. ft. |
| Studio | $1,206 | 529 sq. ft. |
| 1 Bed | $1,460 | 814 sq. ft. |
| 2 Beds | $1,682 | 1,112 sq. ft. |
| 3 Beds | $2,056 | 1,404 sq. ft. |
Troy, MI rent trends
Rental prices in Troy, MI have decreased by 1.47% over the past year. The average rent moved from $1,636 to $1,612.
What's the typical rent budget in Troy, MI?
The largest share of rentals in Troy, MI (45%) 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?
8,620 or 26% of the households in Troy, MI are renter-occupied while 24,749 or 74% are owner-occupied.
Most affordable neighborhoods in Troy?
Wixom $1,179/month
Pontiac $1,206/month
Madison Heights $1,219/month
All of these neighborhoods fall below the city wide average of $1,612/month.Most expensive neighborhoods in Troy?
Novi $1,694/month
Ferndale $2,235/month
Birmingham $3,025/month
These neighborhoods typically command higher rents due to location, amenities, and demand.Average Rent in Troy, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $3,025 |
| Ferndale | $2,235 |
| Novi | $1,694 |
| Rochester Hills | $1,668 |
| Royal Oak | $1,550 |
| Auburn Hills | $1,543 |
| Farmington Hills | $1,465 |
| Southfield | $1,404 |
| Rochester | $1,396 |
| South Lyon | $1,311 |
| Oak Park | $1,299 |
| Farmington | $1,267 |
| Madison Heights | $1,219 |
| Pontiac | $1,206 |
| Wixom | $1,179 |
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Troy | Rent Comparison by Neighborhood
Rent in Auburn Hills is 49% lower than in Birmingham
$1,543
Auburn Hills rent is 4% lower than Troy average
Average Rent
$1,543
$3,025
Birmingham rent is 88% higher than Troy average
Average Rent
$3,025
How Troy Compares to Other Cities
| City | Average Rent |
|---|---|
| Troy | $1,612 |
| Detroit | $1,337 |
| Ann Arbor | $2,026 |
| Grand Rapids | $1,561 |
| Lansing | $1,238 |
| East Lansing | $1,771 |
| Kalamazoo | $1,321 |
| Ypsilanti | $1,310 |
| Southfield | $1,404 |
| Farmington Hills | $1,465 |
| Battle Creek | $1,157 |
| Pontiac | $1,206 |
| Novi | $1,694 |
| Royal Oak | $1,655 |
| Sterling Heights, MI | $1,254 |
| Warren, MI | $1,121 |
| Rochester Hills, MI | $1,668 |
| Auburn Hills, MI | $1,543 |
| Dearborn, MI | $1,699 |
| Livonia, MI | $1,433 |
| Birmingham, MI | $3,025 |
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.