Michigan is bordered by four Great Lakes, making it a popular destination for boating and water activities. Michigan is also home to many national parks, including Isle Royale National Park and Sleeping Bear Dunes National Lakeshore. Explore the state's rich heritage through visits to renowned museums such as the Henry Ford Museum and the Michigan Historical Museum or get an excellent education at top universities like Michigan State University and the University of Michigan. In addition, Michigan boasts a robust economy in the manufacturing, technology, and tourism industries.

The state provides numerous opportunities for thrills and excitement. From soaking in the stunning views of the Great Lakes to hitting the ski slopes in the nearby mountains, outdoor enthusiasts will find plenty to love. Additionally, Michigan is home to several sports teams, including the Detroit Lions (NFL), Detroit Red Wings (NHL), Detroit Tigers (MLB), and Detroit Pistons (NBA). Explore famous attractions like Mackinac Island, the Detroit Institute of Arts, and scenic Mackinaw City.

Michigan offers a high quality of life, a strong economy, and a welcoming community, making it a great place to live.

Rental Market Trends

Troy, MI

As of February 2026, Troy's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Troy's average rent is 17.7% ($260) higher than the Michigan average of $1,465 and 1.6% ($28) lower than the U.S. average of $1,753.

Average Rent

$1,725

Monthly ChangeMonth Over Month Change

40.6% ($498)

Yearly ChangeYear Over Year Change

18.4% ($389)

Avg. Days on MarketAverage Days on Market

Unit Type	Average Rent	Monthly ChangeMonth Over Month Change	Yearly ChangeYear Over Year Change
1 Bed	$1,253	4.8% ($57)	19% ($294)
2 Beds	$1,645	2.5% ($40)	15.9% ($310)
3 Beds	$2,226	2.3% ($52)	14.2% ($368)

Nearby Cities	Average Rent	Avg. Rent vs. TroyAverage Rent vs. Troy	Avg. Days on MarketAverage Days on Market
Clawson	$1,544	10.5% ($181)	32 days
Birmingham	$1,480	14.2% ($245)	32 days
Sterling Heights	$1,759	2% ($34)	41 days
Bloomfield Hills	$3,205	85.8% ($1480)	33 days
Royal Oak	$1,775	2.9% ($50)	74 days

Rental market trends are calculated using listing data from RentalSource.

Frequently Asked Questions

Troy Rental Market FAQs

Explore rental prices, market trends, and availability in Troy, MI.

What is the average rent in Troy, MI?

The average rent in Troy, MI is $1,725 per month.

What is the rental price range for homes in Troy, MI?

Homes in Troy typically rent for between $877 and $2,894 per month, with an average of $1,725 per month.

What is the average rent for different bedroom sizes in Troy, MI?

In Troy, the average rent for a 1-bedroom home is $1,253 per month, for a 2-bedroom home, $1,645 per month, and a 3-bedroom home is $2,226 per month.

How do rent prices in Troy, MI compare with the national average?

The average rent in Troy is 1.6% ($28) lower than the national average of $1,753 per month.

How have rent prices in Troy, MI changed recently?

The average rent in Troy has increased by 40.6% ($498) in the last month and decreased by 18.4% ($389) over the past year.

How competitive is the rental market in Troy, MI?

The rental market in Troy, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.

How long do rentals stay on the market in Troy, MI?

In Troy, MI, the average rental stays on the market for approximately 37 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.

How many rental properties are available in Troy, MI?

There are currently 8 rental properties available in Troy, MI.

Can I afford to rent a home in Troy, MI?

Based on the current averages, a household would need an annual income of $65,800 to comfortably afford a 2-bedroom home in Troy.