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Rental Market Trends in Traverse City, MI

What is the average rent in Traverse City, MI?

$1,508/month

Average Rent

738 Sq Ft

Average Apartment Size

+5%

Increase in the Last Year

As of October 2025, the average rent in Traverse City, MI is $1,508 per month. For comparison, the national average rent price in the US is currently $1,630/month, which means Traverse City rent prices are 7% lower than the national average. When you rent an apartment in Traverse City, you can expect to pay about $1,332 per month for a studio, $1,508 for a one-bedroom apartment, and around $1,810 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,143 or more.

Floor Plan Type
Average Rent
Average Sq Ft
Studio
$1,332/month
469 Sq Ft
One Bedroom
$1,508/month
738 Sq Ft
Two Bedroom
$1,810/month
1,027 Sq Ft
Three Bedroom
$2,143/month
1,312 Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Two Bedroom
$1,777/month
657 Sq Ft
Three Bedroom
$2,628/month
1,368 Sq Ft
Four Bedroom
$2,950/month
1,747 Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft

How much has average rent changed in Traverse City, MI?

In the past year, rent has increased by 5%, which averages out to $76 more per month.

Market Trends Over Time   The chart below compares average rent prices to the previous year during the same time period.
Last Updated October 2025
Legend
2024 2025
Market Trends Over Time
Rent Ranges in Traverse City, MI
Last Updated October 2025
$1,501 - $2,000
Most rental prices fall within this range
Rent Ranges in Traverse City, MI
Percentage*
Rent Range
3% Below $700/month
7% $700 - $1,000/month
23% $1,001 - $1,500/month
47% $1,501 - $2,000/month
20% Above $2,000/month

Rent by Neighborhood

Last Updated Today
  • Most Affordable
  • Most Expensive
  • Most Available

What are the most affordable neighborhoods in Traverse City?

Based on current rent prices, Lindcraft, Incochee Woods and Downtown Traverse City are the most affordable neighborhoods in Traverse City.

Calculate Rent Affordability
Neighborhood
Average Rent
Average Sq Ft
Lindcraft
$1,660/month
901 Sq Ft
Incochee Woods
$1,660/month
901 Sq Ft
Downtown Traverse City
$1,869/month
758 Sq Ft

What are the most expensive neighborhoods in Traverse City?

Based on current rent prices, Downtown Traverse City, Lindcraft and Incochee Woods are the most expensive neighborhoods in Traverse City.

Calculate Rent Affordability
Neighborhood
Average Rent
Average Sq Ft
Downtown Traverse City
$1,869/month
758 Sq Ft
Lindcraft
$1,660/month
901 Sq Ft
Incochee Woods
$1,660/month
901 Sq Ft

Which Traverse City neighborhoods have the most rentals available?

The neighborhoods in Traverse City with the most apartments available are Downtown Traverse City, Lindcraft and Incochee Woods .

Calculate Rent Affordability
Neighborhood
Average Rent
Average Sq Ft
Downtown Traverse City
$1,869/month
758 Sq Ft
Lindcraft
$1,660/month
901 Sq Ft
Incochee Woods
$1,660/month
901 Sq Ft
This information is based on data collected by CoStar Group researchers.†

What salary do I need to live comfortably in Traverse City, MI?

Because the average rent in Traverse City is $1,508, you’ll want to make about $5,026 per month or $60,312 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.

City

Traverse City, MI

374 Available Apartments for Rent

Search for Nearby Apartments

How does Traverse City, MI compare to other nearby cities and neighborhoods?

Use the tool below to compare Traverse City, MI to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.

Explore the Area Guide for Traverse City, MI

Apartment Averages

Lindcraft

Traverse City, MI

Downtown Traverse City

Traverse City, MI

Studio
-
$1,332/month
One Bedroom
-
$1,661/month
Two Bedroom
-
$2,289/month
Three Bedroom
-
$1,443/month
Search
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Apartment communities in Traverse City we think you'll love

Eagle Ridge Apartment Homes

Eagle Ridge Apartment Homes

4760 Golden Eagle Cir,
Traverse City, MI 49685

$1,525 - $1,850

1-2 Beds

Sugar Plum Apartments

Sugar Plum Apartments

2692 Harbor Hill Dr,
Traverse City, MI 49686

$1,220 - $1,600

1-2 Beds

The Flats at Carriage Commons

The Flats at Carriage Commons

1389 Carriage View Ln,
Traverse City, MI 49686

$1,234 - $1,577

Studio - 2 Beds

Bayview of Traverse City

Bayview of Traverse City

24 Bayfront Dr,
Traverse City, MI 49696

$1,674 - $3,642

1-3 Beds

Property Management Companies in Traverse City, MI

KMG Prestige
KMG Prestige
  • 65

    Communities

  • 6,821

    Units

  • 41

    Cities

4 Communities in Traverse City
Monarch Investment and Management Group
Monarch Investment and Management Group
  • 311

    Communities

  • 75,994

    Units

  • 143

    Cities

1 Community in Traverse City
Edward Rose & Sons
Edward Rose & Sons
  • 141

    Communities

  • 71,296

    Units

  • 85

    Cities

1 Community in Traverse City
DTN Management
DTN Management
  • 43

    Communities

  • 6,267

    Units

  • 21

    Cities

1 Community in Traverse City

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United States Michigan Traverse City Rental Trends

Methodology

† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.

Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in September 2025.

* Percentages may not total 100 due to rounding.

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Equal Housing Opportunity