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

Traverse City, MI

As of April 2026, Traverse City's rental market is competitive, with strong renter demand causing quick leasing times for well-priced units. Traverse City's average rent is 39.1% ($555) higher than the Michigan average of $1,420 and 10.5% ($187) higher than the U.S. average of $1,788.

Average Rent

$1,975

Monthly ChangeMonth Over Month Change

13.5% ($235)

Yearly ChangeYear Over Year Change

21% ($343)

Avg. Days on MarketAverage Days on Market

Unit Type	Average Rent	Monthly ChangeMonth Over Month Change	Yearly ChangeYear Over Year Change
1 Bed	$1,349	14.5% ($171)	12.7% ($152)
2 Beds	$1,824	19.2% ($294)	15.2% ($240)
3 Beds	$2,434	12.8% ($276)	20% ($406)

Rental market trends are calculated using listing data from RentalSource.

Frequently Asked Questions

Traverse City Rental Market FAQs

Explore rental prices, market trends, and availability in Traverse City, MI.

What is the average rent in Traverse City, MI?

The average rent in Traverse City, MI is $1,975 per month.

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

Homes in Traverse City typically rent for between $944 and $3,164 per month, with an average of $1,975 per month.

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

In Traverse City, the average rent for a 1-bedroom home is $1,349 per month, for a 2-bedroom home, $1,824 per month, and a 3-bedroom home is $2,434 per month.

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

The average rent in Traverse City is 10.5% ($187) higher than the national average of $1,788 per month.

How have rent prices in Traverse City, MI changed recently?

The average rent in Traverse City has increased by 13.5% ($235) in the last month and increased by 21.0% ($343) over the past year.

How competitive is the rental market in Traverse City, MI?

The rental market in Traverse City, 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 Traverse City, MI?

In Traverse City, 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 Traverse City, MI?

There are currently 35 rental properties available in Traverse City, MI.

Can I afford to rent a home in Traverse City, MI?

Based on the current averages, a household would need an annual income of $72,960 to comfortably afford a 2-bedroom home in Traverse City.