Market Conditions in Troy>Question Details

Snuggles, Home Buyer in Troy, MI

Hi there, I was wondering if you could give me a figure on what is the average time on the market for a rental property in Troy MI and surrounding ar

Asked by Snuggles, Troy, MI Sun Sep 26, 2010

Help the community by answering this question:


It depends on the rent rate you are marketing at, but if the home is nice and the rent rate is fair market value or less, it should rent in under 30 days. I have a tenant placement arm of my team that specializes in helping landlords find great tenants. I also use both Realcomp and MIRealsource to market my lease listings. We have several hundred prospects looking to rent. We fully screen our prospects, checking credit, evictions, and criminal. Let me know if I can help. The key to renting out your property quickly is good signage, and a good agent that specialists in tenant placement. I will make sure you execute all the necessary lease documents and supporting forms, utilities are transferred to the tenant's name, and it will be done in the best timeframe possible. Good luck! My number is 586-453-7078 and email is I do own homes in Rochester Hills and Troy so I am very familiar with the area.
0 votes Thank Flag Link Tue Dec 3, 2013
I have listed homes for lease in a multiple communities. Troy is a desirable community. The last lease listing I had was in Madison hgts & it was leased in 8 days on the market. It was leased to someone being transferred from CA. with a great job. Condition & price are keys to quick turn around. Getting good exposure on 2 multi lists & over 30 web sites with multiple great pictures are essential to attracting good tenants. Your price is determined by your size, location & condition. An agent can find out what similar homes have leased for. An agent can A good agent can help you with staging, marketing, finding & qualifying tenants, doing all the paperwork & hassles. You need to check with Troy about a possible rental license. Your property taxes will go up since it will be non homestead.
I hope I have helped. Please contact me with any other questions
Sigrid Garrick
E-Pro & SFR Certified Realtor
Keller Williams Realty Troy Market Center
Web Reference:
0 votes Thank Flag Link Sun Sep 26, 2010
Great Michael, Snuggles will appreciate that.
0 votes Thank Flag Link Sun Sep 26, 2010
I am a member of both MLS site’s and there are only 82 closed rentals for the same period in MiRealSorce and most of those are included in the realcomp data so I would say my answer is an accurate estimate

Michael Nalley
Nalley Real Estate
Licensed Broker. Appraiser/Builder
0 votes Thank Flag Link Sun Sep 26, 2010
Snuggles, There are probably more then what Michael is stating because he has only checked Realcomp MLS. Many agents list property in both MIReal Source and Real Comp. But to answer your question, the rental market is pretty active these days because so many people are looking for rentals. If you are looking to rent your home, list it with an agent, it gets more exposure then doing it yourself on sites like Craigs List. Plus the agent working with you can assist with any credit reports if you need them.

good luck
0 votes Thank Flag Link Sun Sep 26, 2010

My Realcomp MLS search show’s from Jan 1 thru today there have been 176 homes leased in Troy at an average of 73 days on market with prices from $650 to $3,200 a month, with the average monthly lease at $1,518. There are currently 31 Active listings in Troy for lease ranging from $790 to $2,900. If you would like to see a list of your competition or need any help please email me at or feel free to call me at 248-882-7754

Michael Nalley
Nalley Real Estate
0 votes Thank Flag Link Sun Sep 26, 2010
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