How much does it cost to rent in Traverse City, MI?

As of July 2026, the median monthly rent in Traverse City, MI is $2,005. This figure is based on aggregated data from public sources and community-submitted rents.

Is Traverse City cheaper than other Michigan cities?

Traverse City is one of the pricier cities in Michigan, ranking #13 out of 95 cities tracked at $2,005/mo.

When was Traverse City rent data last updated?

Traverse City rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · MI

Traverse City

Name: Average Rent Prices in Traverse City, MI
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 15,593·13th most expensive in Michigan·Traverse City rents are up 8.3% over the past year

Median rent (all units)

$2,005/mo

Year-over-Year

+8.3%

Month-over-Month

+3.8%

vs US Median

+$40

Rising (Monthly)

Be the first to discuss Traverse City rents ↓

Most AffordableMost Expensive

Traverse City · $2,005

More expensive than 59% of US cities · National median $1,965/mo

Rent Reality Score

51/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Traverse City's 10-year trend predicts.

Actual rent

$2,005/mo

Expected by trend

$2,015/mo

The Rent Reality Score compares today's median rent to where Traverse City's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,030

1 BR

$1,070

2 BR

$1,265

3 BR

$1,555

4 BR+

$1,675

Research median

$1,265/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$24,060/yr

At $2,005/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 8.3% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+8.3% YoY, +3.8% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Traverse City, MI is majority owner-occupied, has a large retiree population, 47.4% of residents hold a bachelor's degree or higher.

Population

15,593

Median income

$74,087

Median age

42.7

Renters

36.3%

Age distribution

16.6%

23.8%

23.3%

12.4%

23.9%

Under 1816.6%

18–3423.8%

35–5423.3%

55–6412.4%

65+23.9%

Gender

49.4%

50.6%

Male49.4%

Female50.6%

Race & ethnicity

89%

White89%

Black1.3%

Hispanic3.6%

Asian1.1%

Other5.1%

Education (25+)

17.2%

32.2%

47.4%

No HS diploma3.2%

HS diploma17.2%

Some college32.2%

Bachelor's+47.4%

Housing tenure

63.7%

36.3%

Owner63.7%

Renter36.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2022 vs 2026

How Traverse City, MI has changed in 5 years

Rent

$1,577 → $2,005

up 27.1%

Income

$64,033 → $74,087

up 15.7%

Population

15,263 → 15,593

up 2.2%

Renter share

39.3% → 36.3%

-3.0 pts

Bachelor's+

48.9% → 47.4%

-1.5 pts

Median age

40.4 → 42.7

+2.3 yrs

The median rent in Traverse City, MI stood at $1,577 in 2022 and currently runs about $2,005, reflecting a 27.1% increase over the period. Median household income rose from $64,033 to $74,087 between 2021 and 2024, a 15.7% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.2% since 2021, moving from about 15,263 residents to roughly 15,593. Renters now make up 36.3% of households, compared with 39.3% five years ago. Taken together, the five-year picture in Traverse City, MI reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Traverse City

No discussions yet. Start the conversation.

View Traverse City rent history (2015–2026) →

Salary vs rent

Can you afford rent in Traverse City on your salary?

At $2,005/mo, how Traverse City rent compares to typical pay (30% rule).

Registered Nurse

Avg $90,701/yr · Rent = 26.5% income

affordable

Elementary School Teacher

Avg $64,397/yr · Rent = 37.4% income

stretched

Police Officer

Avg $74,179/yr · Rent = 32.4% income

stretched

Software Developer

Avg $132,586/yr · Rent = 18.1% income

very comfortable

Lawyer

Avg $169,411/yr · Rent = 14.2% income

very comfortable

Firefighter

Avg $60,298/yr · Rent = 39.9% income

stretched

Truck Driver

Avg $54,442/yr · Rent = 44.2% income

rent-burdened

Electrician

Avg $67,104/yr · Rent = 35.9% income

stretched

By apartment size

Traverse City rent by bedroom count

Median rent for each apartment size in Traverse City. Click any size for full breakdown.

Local insights

Tips for renters in Traverse City

About renting in Traverse City, MI

Last updated: July 20, 2026

The median rent in Traverse City is $2,005/mo as of July 2026. A studio apartment averages $1,030/mo while a 2-bedroom runs $1,265/mo. One-bedroom apartments average $1,070/mo and 3-bedroom units go for $1,555/mo.

At 32% of local median household income ($74,087/yr), Traverse City ranks as moderate compared to the national benchmark of 30%. Rents have increased 8.3% over the past year.

FAQ

Frequently asked questions

Is Traverse City an affordable city for renters?

Traverse City is considered moderate for renters. At $2,005/mo, rent takes approximately 32% of the local median household income ($74,087/yr). The standard benchmark is 30%. Traverse City slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Traverse City?

To keep rent at or below 30% of gross income, you would need to earn at least $80,000/year (~$38/hour full-time) to afford the median rent of $2,005/mo in Traverse City. The local median household income is $74,087/yr, meaning the typical Traverse City household falls short of that threshold.

Is rent going up or down in Traverse City?

Rent in Traverse City has increased 8.3% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Traverse City neighborhoods have the lowest rent?

The most affordable ZIP codes in Traverse City are 49686 ($2,013/mo), and 49684 ($2,051/mo). Citywide, the median rent in Traverse City is $2,005/mo.

How does Traverse City rent compare to other cities in Michigan?

Traverse City is one of the pricier cities in Michigan for rent, ranking #13 out of 95 tracked cities at $2,005/mo.

Which nearby cities are cheaper to rent in than Traverse City?

Several nearby cities have lower median rents than Traverse City ($2,005/mo): Mount Pleasant ($1,010/mo), Midland ($1,483/mo).

What percentage of Traverse City residents rent vs. own?

According to Census data, approximately 36.3% of Traverse City households are renters, while 63.7% are owner-occupied. Traverse City leans toward homeownership, which can mean a smaller rental inventory.

How does Traverse City rent compare to the national average?

Traverse City's median rent of $2,005/mo is $40 (2%) above the US national median of $1,965/mo. Within Michigan, it ranks #13 out of 95 tracked cities.

Income Affordability

32%

MODERATE

At $2,005/mo, rent takes ~32% of Traverse City's median household income ($74,087/yr). The standard benchmark is 30%.

Traverse City 32%Benchmark 30%

State income tax4.25%

Run the Traverse City affordability calculator →

Nearby cities