July 2022 Troy Rent Report
Welcome to the July 2022 Troy Rent Report. Troy rents increased over the past month. In this report, we'll evaluate trends in the Troy rental market, including comparisons to similar cities nationwide.
Troy rents increase sharply over the past month
Troy rents have increased 1.1% over the past month, and have increased sharply by 10.8% in comparison to the same time last year. Currently, median rents in Troy stand at $1,273 for a one-bedroom apartment and $1,641 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in January. Troy's year-over-year rent growth lags the state average of 11.0%, as well as the national average of 14.1%.
Many large cities nationwide show more affordable rents compared to Troy
As rents have increased sharply in Troy, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Troy is less affordable for renters.
- Troy's median two-bedroom rent of $1,641 is above the national average of $1,339. Nationwide, rents have grown by 14.1% over the past year compared to the 10.8% increase in Troy.
- While Troy's rents rose sharply over the past year, many cities nationwide also saw increases, including Charlotte (+17.5%), Las Vegas (+15.6%), and El Paso (+13.3%).
- Renters will generally find more expensive prices in Troy than most large cities. For example, St. Louis has a median 2BR rent of $1,107, where Troy is nearly one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post about the methodology on our blog.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.