Surrounded by the prestigious communities of Rochester Hills, Pontiac, Utica, Bloomfield Hills, Birmingham, and Sterling Heights, Troy stands out as one of Oakland County’s most dynamic and desirable cities. This centrally located Metro Detroit suburb is an excellent choice for real estate investors of all experience levels. With a wide range of opportunities, from single-family homes and luxury estates to apartments, townhomes, and condominiums, Troy offers something for every investment strategy. While acquiring the right property can be challenging, the greater test often lies in its ongoing management and maintenance, a task best handled by experienced professionals.
Living in Troy means enjoying one of the top suburbs in metro Detroit, known for its outstanding shopping, thriving business community, excellent dining, and exceptional quality of life. Ranked 22nd on CNNMoney’s Best Places to Live and listed as the 19th safest city in the nation, Troy offers a secure and family-friendly environment. Neighborhoods are safe and welcoming, with plenty of playgrounds and parks for kids. The city is also home to the renowned Somerset Collection, one of Michigan’s most luxurious shopping destinations, attracting visitors from across the region with its high-end stores and fine dining.
Troy boasts five community parks equipped with playgrounds, tennis courts, baseball diamonds, and scenic walking paths, perfect for both recreation and relaxation. With quick access to I-75, residents can reach downtown Detroit in about 30 minutes for concerts, sporting events, and cultural experiences.
As the largest city in Oakland County, and situated just east of Birmingham and Bloomfield Hills, Troy combines safety, convenience, and sophistication, making it not only a great place to live but also a smart location for real estate investment.
Troy Rental Market at a Glance
Troy is mostly owner-occupied. About 27% of Troy households rent, roughly 8,900 homes out of 33,400.
| Population | 87,898 |
| Households that rent | 8,926 (26.7%) |
| Median gross rent | $1,602 per month |
| Rental vacancy rate | About 6% |
| Median home value | $420,300 |
| Median household income | $120,045 |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (tables B01003, B25003, B25064, B25077, B19013). The vacancy rate is calculated from table B25004 and is approximate.
Median Rent in Troy by Bedroom Count
| Studio | $1,304 |
| 1 bedroom | $1,267 |
| 2 bedrooms | $1,685 |
| 3 bedrooms | $1,919 |
These are median gross rents across all occupied rentals in Troy, including long-standing leases, and they include utilities paid by the tenant. A home coming to market today may be priced differently. A free rental analysis gives you a figure for your specific address.
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates, table B25031 (median gross rent by bedrooms).
HUD Fair Market Rents in Troy by ZIP Code
| ZIP code | 1 bed | 2 beds | 3 beds | 4 beds |
|---|
| 48083 | $1,450 | $1,810 | $2,200 | $2,390 |
|---|
| 48084 | $1,680 | $2,100 | $2,560 | $2,780 |
|---|
| 48085 | $1,750 | $2,190 | $2,670 | $2,900 |
|---|
| 48098 | $1,600 | $2,000 | $2,440 | $2,640 |
|---|
These are the fair market rents HUD sets for fiscal year 2027, used for housing choice voucher payments. HUD sets them a little below the middle of the market and includes utilities, so a well-kept home may rent for more. A free rental analysis gives you a figure for your specific address.
Source: U.S. Department of Housing and Urban Development, Small Area Fair Market Rents, FY 2027. The ZIP codes shown cover Troy; a ZIP code can extend into neighboring communities.
Rental Registration and Inspections in Troy
Troy runs a Multiple Family Rental Inspection Program under Chapter 82-A of the city code. It applies to buildings with three or more dwelling units, and to rooming houses, that are rented for more than six months of the year:
- Registration: owners register with the city within 60 days of first offering a unit for occupancy, and within 60 days of a change of ownership. If an agent manages the building, the agent is listed on the registry too.
- Certificate of compliance: units may not be occupied until the city has inspected the building and issued a certificate.
- Inspection cycle: at least every two years, or up to every three years when the last inspection found no violations.
- Penalties: a violation is a municipal civil infraction, and each day a violation continues counts separately.
The program does not list single-family homes, condos or duplexes. Owners of those properties can confirm current requirements with Troy Code Enforcement at 248-524-3364.
Sources: City of Troy, Multiple Family Rental Inspection Program; Troy City Code, Chapter 82-A, sections 5, 6, 7 and 10.
Official sources for this page were last checked on October 8, 2026.
Troy Schools, Corridors and ZIP Codes
Six public school districts serve parts of Troy: Troy, Avondale, Birmingham, Bloomfield Hills, Royal Oak and Warren Consolidated. The district depends on the address, so it is worth confirming before a home is advertised. Big Beaver Road is the city’s main business and shopping corridor and home to Somerset Collection, and I-75 runs through the city. Troy addresses use ZIP codes 48083, 48084, 48085 and 48098.
Source: City of Troy, Schools.
Troy Landlord Guides
More from our blog for Troy rental owners:
Property Management Services in Troy
Communities near Troy
We also manage rental homes and multi-family units in Rochester Hills, Clawson, Bloomfield Hills, Birmingham and Rochester. See every community we serve in Oakland County.
Troy Property Management FAQ
What is the average rent in Troy, MI?
The median gross rent in Troy is $1,602 per month, according to the Census Bureau's 2020–2024 American Community Survey. Three-bedroom rentals have a median of $1,919.
Do I need to register my rental property in Troy?
Owners of buildings with three or more units, and rooming houses, must register with the city within 60 days of offering a unit for rent and obtain a certificate of compliance. Owners of other property types should confirm with Troy Code Enforcement.
How often does Troy inspect rental properties?
Buildings covered by Chapter 82-A are inspected at least every two years, or up to every three years if the last inspection found no violations.
How many homes in Troy are rentals?
About 27% of occupied homes in Troy are rented, roughly 8,900 households, according to the Census Bureau.
What types of Troy properties do you manage?
We manage and lease single-family homes and multi-family units in Troy and across Oakland County.
How do I find out what my Troy home will rent for?
Request a free rental analysis and we will send you a rent estimate for your address.
We Manage Your Property Like We Manage Our Own
Zamzam Property Management is a full-service property management company, and we’re real estate investors ourselves. Because we take great care of our own tenants, we know exactly how to care for yours. From tenant selection to move-out coordination, and every step in between, we manage your property with the same attention and commitment we give to our own investments.
We know that owners hire property managers to remove the headaches of day-to-day management. Without the right systems and processes, it can be overwhelming. Over the years, we’ve refined efficient, proven methods that let you enjoy the income from your property, without the stress.
