Rents are right about where Troy's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,854 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in Troy usually run 1.2% below trend in February and 1.4% above it in August, about $48 a month apart at today's median. Based on 11 years of data.
Rent in Troy is at its highest level since Zillow's records here began in January 2015.
Rent in Troy changed +3.9% over the year to September 2026. Across the 79 Michigan cities Zillow tracks, the typical change was +4.1%.
From 2019 to 2024, rent in Troy rose 26.8% while median household income rose 17.8% ($101,882 to $120,045). Rent outpaced income.
Rent in Troy is 31.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 6 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($120,045) is $3,001 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,380).
Madison Heights, 4 miles away, rents for 16% less ($1,565/mo), about $3,500 a year in savings.
From Zillow's monthly rent index (ZORI) for Troy. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Troy, MI has changed in 5 years
Compared with 2021, rent in Troy, MI has increased by $376 per month, settling near $1,854 after starting the period at $1,478. 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 13.8 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.
Discussions about Troy
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Can you afford rent in Troy on your salary?
At $1,854/mo, how Troy rent compares to typical pay (30% rule).
Troy rent by bedroom count
Median rent for each apartment size in Troy. Click any size for full breakdown.
Tips for renters in Troy
Last updated: October 17, 2026
The median rent in Troy is $1,854/mo as of October 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 3.9% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Troy?
At $1,854/mo, rent takes ~19% of Troy's median household income ($120,045/yr). The standard benchmark is 30%.
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