Rentometer, Inc. | Data as of 10/23/2025
Traverse City’s vibrant metro area offers a blend of small‑town charm and lively waterfront lifestyle, making it a top destination for renters seeking both recreation and convenience. Set against the backdrop of Lake Michigan, the city boasts a bustling downtown with boutique shops, farm‑to‑table dining, and cultural venues such as the historic State Theatre. Outdoor enthusiasts enjoy easy access to the Grand River, nearby vineyards on the Old Mission Peninsula, and miles of scenic biking trails, while the thriving local economy supports a diverse community of professionals, students, and retirees.
The rental market reflects this dynamic appeal, providing a range of housing options from modern apartments to spacious single‑family homes. Studio apartments typically sit in the $1200s, while 1‑ and 2‑bedroom units often fall within the $1500‑$1800 range, offering flexible choices for individuals and small families. Larger homes, especially those with three or more bedrooms, commonly reach the $2400‑$3200 range, appealing to those who desire extra space, private yards, or proximity to the lakefront. Whether you prefer a contemporary high‑rise near the Harbor or a historic bungalow in the historic East Grand Rapids neighborhood, the variety of rental types ensures a fit for many lifestyles.
Popular neighborhoods include the walkable Downtown district, known for its vibrant nightlife and waterfront parks, as well as the family‑friendly areas of West Bay and Forest Hill, which feature well‑maintained schools and quiet streets. The West End offers a mix of newer condo developments and classic homes, while the charming Old Town district provides a more artistic, eclectic atmosphere. With its blend of natural beauty, cultural amenities, and diverse housing stock, Traverse City continues to attract renters looking for a balanced, high‑quality Michigan lifestyle.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | Studio | $1,268 | $1,245 | $1,083 - $1,500 | $1,150 - $1,500 |
| Apartment | 1 Bedroom | $1,462 | $1,507 | $900 - $2,281 | $1,200 - $1,670 |
| Apartment | 2 Bedroom | $1,832 | $1,775 | $1,029 - $3,146 | $1,400 - $2,135 |
| Apartment | 3 Bedroom | $2,290 | $2,342 | $1,157 - $3,149 | $2,200 - $2,962 |
| House | 1 Bedroom | $1,610 | $1,500 | $1,150 - $2,100 | $1,450 - $1,850 |
| House | 2 Bedroom | $2,168 | $1,885 | $1,000 - $6,000 | $1,650 - $2,600 |
| House | 3 Bedroom | $2,607 | $2,400 | $1,469 - $7,999 | $2,100 - $2,825 |
| House | 4+ Bedroom | $3,638 | $3,200 | $2,200 - $6,800 | $2,800 - $4,000 |
In the current period, the average rent in Traverse City, MI was $1,268 for Studio, $1,477 for 1 Bedroom, $1,988 for 2 Bedroom, $2,564 for 3 Bedroom, and $3,624 for 4+ Bedroom.
Data provided by Rentometer, Inc.