Troy, MI Rental Market Trends
What is the average rent in Troy?
The average rent for an apartment in Troy is $1,372, a 9% increase compared to the previous year, when the average rent was $1,263.
Average Rent in Troy, MI
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,372 | 9% | 1,025 sq. ft. |
What is the average apartment size in Troy?
The average size for a Troy, MI apartment is 1,025 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
Troy, MI Occupied Housing Units
8,700 or 27% of the households in Troy, MI are renter-occupied while 23,060 or 72% are owner-occupied.
Troy, MI Rent Trends
| Average Rent | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | Sep / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Troy, MI | $1,192 | $1,248 | $1,251 | $1,267 | $1,276 | $1,268 | $1,263 | $1,297 | $1,308 | $1,372 |
| National | $1,347 | $1,356 | $1,361 | $1,393 | $1,400 | $1,402 | $1,393 | $1,396 | $1,404 | $1,510 |
Average Rent in Troy, MI By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Birmingham | $1,912 |
| Ferndale | $1,797 |
| Novi | $1,332 |
| Rochester Hills | $1,322 |
| Rochester | $1,287 |
| Auburn Hills | $1,274 |
| Lake Angelus | $1,274 |
| Walled Lake | $1,273 |
| Wolverine Lake | $1,273 |
| Farmington Hills | $1,242 |
| Village Of Clarkston | $1,225 |
| Lathrup Village | $1,208 |
| Royal Oak | $1,198 |
| Farmington | $1,144 |
| Southfield | $1,134 |
| South Lyon | $1,063 |
| Orchard Lake Village | $1,056 |
| Oak Park | $1,043 |
| Beverly Hills | $1,032 |
| Bingham Farms | $1,032 |
| Franklin | $1,032 |
| Oxford Village | $1,016 |
| Clawson | $994 |
| Lake Orion | $971 |
| Madison Heights | $971 |
| Wixom | $960 |
| Berkley | $949 |
| Holly Village | $943 |
| Keego Harbor | $936 |
| Sylvan Lake | $936 |
| Pontiac | $897 |
| Hazel Park | $721 |
What are the most affordable neighborhoods in Troy?
The most affordable neighborhoods in Troy are Hazel Park, where the average rent goes for $721/month, Pontiac, where renters pay $897/mo on average, and Keego Harbor, where the average rent goes for $936/mo. If you’re looking for other great deals, check out the listings from Sylvan Lake ($936), Holly Village ($943), and Berkley ($949), where the asking prices are below the average Troy rent of $1,372/mo.
What are the most expensive neighborhoods in Troy?
The most expensive neighborhoods in Troy are Novi ($1,332), Ferndale ($1,797) and Birmingham ($1,912).
What are the most popular neighborhoods in Troy?
The most popular neighborhood in Troy is Southfield, where there are 21 verified RENTCafé listings with an average rent of $1,134. Next up is Farmington Hills, where apartments go for $1,242/month, followed by Pontiac with $897 If you’re looking to rent in Troy’s most popular neighborhoods, make sure to also check out Royal Oak, where renters pay $1,198 on average, and Rochester Hills, where the average monthly rent is $1,322.
Troy | Rent Comparison by Neighborhood
Rent in Auburn Hills is 34% higher than in Berkley
Auburn Hills rent is 7% lower than Troy average
| Average Rent | $1,274 |
|---|
Berkley rent is 31% lower than Troy average
| Average Rent | $949 |
|---|
How Troy Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Detroit | $1,143 | 6% |
| Grand Rapids | $1,209 | 10% |
| East Lansing | $1,326 | 3% |
| Lansing | $953 | 8% |
| Ann Arbor | $1,690 | 5% |
| Southfield | $1,134 | 6% |
| Farmington Hills | $1,242 | 7% |
| Pontiac | $897 | 5% |
| Royal Oak | $1,198 | 7% |
| Rochester Hills | $1,322 | 13% |
| Troy | $1,372 | 9% |