Rentometer, Inc. | Data as of 10/23/2025
Traverse City’s vibrant rental market reflects the city’s blend of lakeside charm and growing cultural scene, making it a sought‑after destination for both young professionals and families. Apartments are plentiful in downtown and the historic Old Town district, where walkable streets, boutique shops, and waterfront dining create a lively atmosphere. For those desiring more space, a variety of single‑family homes are available throughout neighborhoods such as Cherryland, East Bay, and the scenic Pathway Village, each offering easy access to parks, golf courses, and the famed Sleeping Bear Dunes nearby.
Rental pricing in Traverse City aligns with its diverse housing stock. One‑bedroom apartments typically fall in the $1600s, while two‑bedroom units are often found in the $2200 range. Single‑family homes start around $1800 for a one‑bedroom, with two‑bedroom houses commonly priced near $2300. Larger homes with three or more bedrooms frequently exceed $3000, catering to families seeking extra room and a backyard for outdoor enjoyment. These price points provide flexibility for renters looking to balance cost with the city’s high quality of life.
Beyond housing, the area boasts year‑round attractions that enhance the rental experience. In summer, residents enjoy sailing on Grand Lake, exploring local wineries, and attending the renowned National Cherry Festival. Winter brings cozy ski outings at nearby resorts and vibrant downtown events. With its welcoming community, abundant amenities, and a rental market that accommodates a wide range of lifestyles, Traverse City remains a top choice for those seeking an inviting place to call home in Michigan.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | 1 Bedroom | $1,648 | $1,705 | $995 - $2,281 | $1,504 - $1,850 |
| Apartment | 2 Bedroom | $2,183 | $2,177 | $1,029 - $3,146 | $1,600 - $2,786 |
| House | 1 Bedroom | $1,800 | $1,850 | $1,450 - $2,100 | $1,450 - $2,100 |
| House | 2 Bedroom | $2,296 | $2,085 | $1,000 - $6,000 | $1,750 - $2,600 |
| House | 3 Bedroom | $3,272 | $2,700 | $2,100 - $7,999 | $2,495 - $3,000 |
| House | 4+ Bedroom | $3,656 | $3,250 | $2,400 - $6,800 | $2,900 - $4,000 |
In the current period, the average rent in Traverse City was
$1,677 for 1 Bedroom,
$2,252 for 2 Bedroom,
$3,191 for 3 Bedroom, and
$3,657 for 4+ Bedroom.
Note: This analysis includes only bedroom types with sufficient data.
Data provided by Rentometer, Inc.