Rents are 4% below what Troy's 10-year trend predicts — a better deal than its own history suggests.
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 $1,491 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: August 17, 2026
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Who lives here
Troy, NY is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 37.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Troy, NY has changed in 5 years
The median rent in Troy, NY stood at $1,140 in 2021 and currently runs about $1,491, reflecting a 30.8% increase over the period. Median household income rose from $50,304 to $58,477 between 2021 and 2024, a 16.2% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 62.6% of households, compared with 66.1% five years ago. College-educated residents now make up 37.3% of adults here, versus 30.7% in 2021. Taken together, the five-year picture in Troy, NY reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Can you afford rent in Troy on your salary?
At $1,491/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: August 17, 2026
The median rent in Troy is $1,491/mo as of August 2026. A studio apartment averages $975/mo while a 2-bedroom runs $1,345/mo. One-bedroom apartments average $1,110/mo and 3-bedroom units go for $1,620/mo.
At 31% of local median household income ($58,477/yr), Troy ranks as moderate compared to the national benchmark of 30%. Rents have increased 6.4% over the past year.
Frequently asked questions
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What percentage of Troy residents rent vs. own?
How does Troy rent compare to the national average?
At $1,491/mo, rent takes ~31% of Troy's median household income ($58,477/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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