Traverse City, MI

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

Performance indicators for the Traverse City short-term rental market based on reliable data.

Listings

2303 / 5105

Reliable / Active

Cap Rate

9%

Middle-Earners Gross Yield

Revenue

$39,420

Middle-Earners Revenue

Occupancy

55%

Middle-Earners Occupancy

Home Value

$427,667

Median Home Sale Price

Top Earners

$86,455

Top-Earners Revenue

Traverse City

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Traverse City.

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B

Generally Investor friendly

Traverse City Regulations

Traverse City explicitly allows STRs with clear zoning requirements and a moderate $200 annual licensing fee. The compliance process involves multiple steps including fire inspections and documentation, but remains manageable for investors with dedicated zoning districts and ongoing city support through tools and contact information.

View Traverse City Regulations →

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About Traverse City

Traverse City, Michigan is a picturesque city located in the northern part of Michigan’s Lower Peninsula. Known for its scenic beauty, Traverse City sits on the shores of Lake Michigan’s Grand Traverse Bay. As of the most recent census, the population of Traverse City is approximately 15,000 residents. The city is around 140 miles (approximately a 2.5-hour drive) from the nearest major city, Grand Rapids, MI.

Traverse City is renowned for its vibrant arts scene, numerous festivals, and rich history. Key landmarks and attractions in Traverse City include the historic Village at Grand Traverse Commons, a unique redevelopment project that converts a 19th-century asylum into a community filled with shops, eateries, and residences. Another popular destination is the Sleeping Bear Dunes National Lakeshore, located a short drive from the city, which offers breathtaking views and numerous outdoor activities such as hiking and dune climbing.

The city's appeal for short-term rentals is driven by its myriad attractions and activities. Traverse City is known as the "Cherry Capital of the World," and it hosts the annual National Cherry Festival, attracting visitors from around the globe. For wine enthusiasts, the Old Mission Peninsula and Leelanau Peninsula offer a collection of wineries that are perfect for tasting tours.

Outdoor enthusiasts are drawn to the area for its access to water sports, fishing, and boating on the Grand Traverse Bay, as well as skiing and snowboarding in the winter at Mt. Holiday and Hickory Hills Ski Area. Additionally, the Traverse City State Park provides a beautiful backdrop for camping and exploring nature.

Overall, Traverse City's combination of natural beauty, rich culture, and a variety of recreational opportunities make it an appealing destination for short-term rentals, catering to tourists looking for both relaxation and adventure.

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