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What to Know About
Life in Traverse City & Beyond
Traverse City shares many of the great qualities that make Michigan a desirable place to live.
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 August 2025, 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 41.9% ($579) higher than the Michigan average of $1,383 and 9.6% ($172) higher than the U.S. average of $1,790.
Average Rent
$1,962
Monthly ChangeMonth Over Month Change
1.1% ($21)
Yearly ChangeYear Over Year Change
1.7% ($33)
Avg. Days on MarketAverage Days on Market
37
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,281 | 3.2% ($43) | 23.3% ($390) |
| 2 Beds | $1,702 | 2.8% ($49) | 12.4% ($242) |
| 3 Beds | $2,180 | 1.4% ($30) | 0.5% ($10) |
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.
The average rent in Traverse City, MI is $1,962 per month.
Houses in Traverse City typically rent for between $897 and $2,834 per month, with an average of $1,962 per month.
In Traverse City, the average rent for a 1-bedroom house is $1,281 per month, for a 2-bedroom house, $1,702 per month, and a 3-bedroom house is $2,180 per month.
The average rent in Traverse City is 9.6% ($172) higher than the national average of $1,790 per month.
The average rent in Traverse City has decreased by 1.1% ($21) in the last month and increased by 1.7% ($33) over the past year.
The rental market in Traverse City, MI, is currently competitive, with strong renter demand causing quick leasing times for well-priced units.
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.
There are currently 22 rental properties available in Traverse City, MI.
Based on the current averages, a household would need an annual income of $68,080 to comfortably afford a 2-bedroom house in Traverse City.
