Troy, MI Rental Market Trends
The average rent for an apartment in Troy is $1,268, a 1% increase compared to the previous year, when the average rent was $1,251.
Average Rent in Troy, MI
|Average Rent||Y-o-Y Change||Average Apartment Size|
|$1,268||1%||1,027 sq. ft.|
The average size for a Troy, MI apartment is 1,027 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Troy, MI Apartment Rent Ranges
- > $2,0002%
Troy, MI Occupied Housing Units
- Renter-occupied Households27%
- Owner-occupied Households72%
8,572 or 27% of the households in Troy, MI are renter-occupied while 22,796 or 72% are owner-occupied.
Troy, MI Rent Trends
|Mar / 2017||Jul / 2017||Nov / 2017||Mar / 2018||Jul / 2018||Nov / 2018||Mar / 2019||Jul / 2019||Nov / 2019||Feb / 2020|
Average Rent in Troy, MI By Neighborhood
|Orchard Lake Village||$941|
|Village Of Clarkston||$1,005|
The most affordable neighborhoods in Troy are Hazel Park, where the average rent goes for $663/month, Wixom, where renters pay $832/mo on average, and Pontiac, where the average rent goes for $833/mo. If you’re looking for other great deals, check out the listings from Lake Orion ($862), Clawson ($884), and Holly Village ($894), where the asking prices are below the average Troy rent of $1,268/mo.
The most expensive neighborhoods in Troy are Wolverine Lake ($1,231), Birmingham ($1,749) and Ferndale ($1,754).
The most popular neighborhood in Troy is Southfield, where there are 22 verified RENTCafé listings with an average rent of $1,093. Next up is Farmington Hills, where apartments go for $1,170/month, followed by Pontiac with $833 If you’re looking to rent in Troy’s most popular neighborhoods, make sure to also check out Rochester Hills, where renters pay $1,192 on average, and Novi, where the average monthly rent is $1,226.
Troy | Rent Comparison by Neighborhood
Rent in Auburn Hills is 25% higher than in Berkley
Auburn Hills rent is 9% lower than Troy average
Berkley rent is 27% lower than Troy average
How Troy Compares to Other Cities
|Average Rent||Y-o-Y Change|
For more information about the Troy rental trends, check out our monthly rent report
Curious about listings in your area? Check out our apartments near you for more details!