167 Luxury Apartments for rent in Troy, MI
December 2019 Troy Rent Report
Welcome to the December 2019 Troy Rent Report. Troy rents declined over the past month. In this report, we'll evaluate trends in the Troy rental market, including comparisons to cities throughout the metro, state, and nation.
December 2019 Troy Rent Report
Welcome to the December 2019 Troy Rent Report. Troy rents declined over the past month. In this report, we'll evaluate trends in the Troy rental market, including comparisons to cities throughout the metro, state, and nation.
Troy rents decline sharply over the past month
Troy rents have declined 0.7% over the past month, but have increased slightly by 1.5% in comparison to the same time last year. Currently, median rents in Troy stand at $1,016 for a one-bedroom apartment and $1,322 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in September. Troy's year-over-year rent growth leads the state average of 0.9%, as well as the national average of 1.4%.
Rents rising across the Detroit Metro
Throughout the past year, rent increases have been occurring not just in the city of Troy, but across the entire metro. Of the largest 10 cities that we have data for in the Detroit metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Southfield has seen the fastest rent growth in the metro, with a year-over-year increase of 1.7%. The median two-bedroom there costs $1,197, while one-bedrooms go for $920.
- Over the past year, St. Clair Shores is the only city in the metro that has seen rents fall, with a decline of 0.1%. Median two-bedrooms there cost $978, while one-bedrooms go for $751.
- Taylor has the least expensive rents in the Detroit metro, with a two-bedroom median of $894; rents were up 0.8% over the past month and 0.8% over the past year.
- Dearborn has the most expensive rents of the largest cities in the Detroit metro, with a two-bedroom median of $1,359; rents were up 0.2% over the past month but remained flat year-over-year.
Troy rents more affordable than many large cities nationwide
As rents have increased slightly in Troy, a few large cities nationwide have also seen rents grow modestly. Troy is still more affordable than most large cities across the country.
- Rents increased marginally in other cities across the state, with Michigan as a whole logging rent growth of 0.9% over the past year. For example, rents have grown by 1.3% in Lansing and 0.4% in Grand Rapids.
- Troy's median two-bedroom rent of $1,322 is above the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 1.5% increase in Troy.
- While Troy's rents rose slightly over the past year, many cities nationwide also saw increases, including Las Vegas (+3.2%), Charlotte (+2.9%), and Fresno (+2.2%).
- Renters will find more reasonable prices in Troy than most large cities. For example, Chicago has a median 2BR rent of $1,284, which is undefined the price in Troy.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
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 here.
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 here.
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.