How much does it cost to rent in Troy, MI?

As of July 2026, the median monthly rent in Troy, MI is $1,861. This figure is based on aggregated data from public sources and community-submitted rents.

Is Troy cheaper than other Michigan cities?

Troy is one of the pricier cities in Michigan, ranking #19 out of 95 cities tracked at $1,861/mo.

When was Troy rent data last updated?

Troy rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · MI

Troy

Name: Average Rent Prices in Troy, MI
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 87,898·19th most expensive in Michigan·Rental market data updated monthly for Troy, MI

Median rent (all units)

$1,861/mo

Year-over-Year

Stable

Month-over-Month

+5.7%

vs US Median

-$104

Rising (Monthly)

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Most AffordableMost Expensive

Troy · $1,861

More expensive than 50% of US cities · National median $1,965/mo

Rent Reality Score

51/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Troy's 10-year trend predicts.

Actual rent

$1,861/mo

Expected by trend

$1,873/mo

The Rent Reality Score compares today's median rent to where Troy's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,290

1 BR

$1,415

2 BR

$1,795

3 BR

$2,200

4 BR+

$2,380

Research median

$1,795/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$22,332/yr

At $1,861/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 0.1% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+0.1% YoY, +5.7% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Troy, MI is majority owner-occupied, has a median income above the national average, 64.8% of residents hold a bachelor's degree or higher.

Population

87,898

Median income

$120,045

Median age

Renters

26.7%

Age distribution

20.6%

27%

13.8%

17.9%

Under 1820.6%

18–3420.6%

35–5427%

55–6413.8%

65+17.9%

Gender

51.5%

48.5%

Male51.5%

Female48.5%

Race & ethnicity

61.5%

27.8%

White61.5%

Black3.8%

Hispanic2.6%

Asian27.8%

Other4.2%

Education (25+)

12.1%

18.1%

64.8%

No HS diploma5%

HS diploma12.1%

Some college18.1%

Bachelor's+64.8%

Housing tenure

73.3%

26.7%

Owner73.3%

Renter26.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Troy, MI has changed in 5 years

Rent

$1,469 → $1,861

up 26.7%

Income

$107,550 → $120,045

up 11.6%

Population

86,912 → 87,898

up 1.1%

Renter share

24.9% → 26.7%

+1.8 pts

Bachelor's+

62.4% → 64.8%

+2.4 pts

Compared with 2021, rent in Troy, MI has increased by $392 per month, settling near $1,861 after starting the period at $1,469. Household income in the area moved from $107,550 to $120,045 across the same window, up 11.6% versus 2021. Rent outpaced income growth by roughly 15.1 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 86,912 to 87,898 between 2021 and 2024, a 1.1% change. About 26.7% of households rent today, against 24.9% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 62.4% to 64.8%. Reading these numbers side by side helps frame whether current listings in Troy, MI look reasonable against where the market sat half a decade ago.

Community

Discussions about Troy

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View Troy rent history (2015–2026) →

Salary vs rent

Can you afford rent in Troy on your salary?

At $1,861/mo, how Troy rent compares to typical pay (30% rule).

Registered Nurse

Avg $90,701/yr · Rent = 24.6% income

affordable

Elementary School Teacher

Avg $64,397/yr · Rent = 34.7% income

stretched

Police Officer

Avg $74,179/yr · Rent = 30.1% income

stretched

Software Developer

Avg $132,586/yr · Rent = 16.8% income

very comfortable

Lawyer

Avg $169,411/yr · Rent = 13.2% income

very comfortable

Firefighter

Avg $60,298/yr · Rent = 37% income

stretched

Truck Driver

Avg $54,442/yr · Rent = 41% income

rent-burdened

Electrician

Avg $67,104/yr · Rent = 33.3% income

stretched

By apartment size

Troy rent by bedroom count

Median rent for each apartment size in Troy. Click any size for full breakdown.

Local insights

Tips for renters in Troy

About renting in Troy, MI

Last updated: July 20, 2026

The median rent in Troy is $1,861/mo as of July 2026. A studio apartment averages $1,290/mo while a 2-bedroom runs $1,795/mo. One-bedroom apartments average $1,415/mo and 3-bedroom units go for $2,200/mo.

At 19% of local median household income ($120,045/yr), Troy ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.1% over the past year.

FAQ

Frequently asked questions

Is Troy an affordable city for renters?

Troy is considered very affordable for renters. At $1,861/mo, rent takes approximately 19% of the local median household income ($120,045/yr). The standard benchmark is 30%. Troy falls comfortably within that range.

How much income do you need to rent in Troy?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (~$36/hour full-time) to afford the median rent of $1,861/mo in Troy. The local median household income is $120,045/yr, meaning the typical Troy household meets that threshold.

Is rent going up or down in Troy?

Rent in Troy has been relatively stable over the past year, with a 0.1% change year over year as of July 2026.

Which Troy neighborhoods have the lowest rent?

The most affordable ZIP codes in Troy are 48084 ($1,690/mo), and 48083 ($1,901/mo). Citywide, the median rent in Troy is $1,861/mo.

How does Troy rent compare to other cities in Michigan?

Troy is one of the pricier cities in Michigan for rent, ranking #19 out of 95 tracked cities at $1,861/mo.

Which nearby cities are cheaper to rent in than Troy?

Madison Heights is nearby and more affordable at $1,496/mo, which is $365 less than Troy.

What percentage of Troy residents rent vs. own?

According to Census data, approximately 26.7% of Troy households are renters, while 73.3% are owner-occupied. Troy leans toward homeownership, which can mean a smaller rental inventory.