Lake Leelanau, Michigan Short-Term Rental Market
Lake Leelanau, MI STRs averaged $232/night at 38.2% occupancy in April 2026, a trough month; peak July occupancy reaches 78.9%.
Quick Answer: Lake Leelanau, Michigan is an active short-term rental market. average occupancy is 64%. average monthly revenue is $6,344. average daily rate is $411. the top operator is Vacasa with 206 listings. market score is 59/100 (grade C).
Market data reflects the Traverse City regional market, which includes Lake Leelanau. Regulations, taxes, and permit details below are specific to Lake Leelanau.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
The Lake Leelanau market area covers short-term rental activity on the Leelanau Peninsula of northwestern Michigan, anchored by two townships (Leland and Suttons Bay) and the surrounding Sleeping Bear Dunes National Lakeshore corridor. The village of Lake Leelanau has approximately 229 residents; the listing dataset reflects the broader Leelanau Peninsula market. The April 2026 snapshot shows 38.2% average occupancy and an average daily rate of $232, producing RevPAR of $89 and average monthly revenue of $2,189. April represents the off-season trough for this heavily seasonal market: peak July occupancy averages 78.9%, with $348 ADR and $6,783 average monthly revenue.
The market contains approximately 2,695 active listings by channel count. Entire-place rentals account for 92.4% of supply (2,491 listings), private rooms 7.2% (194 listings), and shared rooms 0.4% (10 listings). Three-bedroom properties are the most common at 27.9% of supply (634 listings), followed by four-bedroom (523 listings, 23.1%), two-bedroom (415 listings, 18.3%), one-bedroom (373 listings, 16.4%), and five-or-more-bedroom (323 listings, 14.2%). Platform distribution: 47.7% of listings are Airbnb-only, 39.7% appear on both Airbnb and VRBO, and 12.7% are VRBO-only.
Year-over-year trends as of April 2026: occupancy fell 3.7 percentage points, ADR rose 4.6%, and monthly revenue was effectively flat at +0.2% compared to April 2025. The 2025 full-year average was 48.0% occupancy and $4,146 average monthly revenue. Market scores available from the dataset: investability 84.1 out of 100, revenue growth 78.3, and regulation 73.0 out of 100.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 32% | $243 | $2,217 |
| Feb | 39% | $240 | $2,264 |
| Mar | 35% | $212 | $2,085 |
| Apr | 40% | $219 | $2,094 |
| May | 52% | $274 | $2,699 |
| Jun | 64% | $343 | $5,015 |
| Jul | 79% | $349 | $6,779 |
| Aug | 71% | $347 | $6,314 |
| Sep | 49% | $295 | $3,909 |
| Oct | 45% | $265 | $3,347 |
| Nov | 29% | $230 | $2,035 |
| Dec | 39% | $239 | $2,172 |
Top Short-Term Rental Operators in Lake Leelanau
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 206 | 5,978 | ★ 4.46 |
| 2 | Elevated Homes & Hospitality | 116 | 4,924 | ★ 4.76 |
| 3 | True North Property Management | 109 | 3,627 | ★ 4.54 |
| 4 | The Mitten Group Property Management | 108 | 9,528 | ★ 4.79 |
| 5 | Evolve | 94 | 4,171 | ★ 4.76 |
What Kind of STR Should I Buy in Lake Leelanau?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,303 |
| 2 bed | 1,523 |
| 3 bed | 1,236 |
| 4 bed | 711 |
| 5 bed | 443 |
ADR by Property Tier
| Entire Home | $417 |
| Luxury | $638 |
| Professionally Managed | $441 |
Revenue by Dwelling Type
| Apartment | $5,431 |
| Entire Place | $6,470 |
| House | $6,994 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 28.2% |
| vrbo | 15.5% |
| both | 56.2% |
Investment Analysis
Lake Leelanau is a summer-peak seasonal market with performance concentrated in a narrow June-through-August window. The 2025 full-year average monthly revenue was $4,146 ($49,752 annualized), reflecting both the $6,783 July peak and the $1,432-$1,873 winter trough months.
No Zillow housing value data is available for the Lake Leelanau market area in the StaySTRA database, so a gross yield calculation cannot be produced. Investors should source current home values independently before modeling returns. Properties on Leelanau Peninsula, particularly lakefront and lake-view parcels, typically command a significant premium over inland comparables; any cap-rate modeling should account for this.
ADR by tier: all listings average $232 per night, entire-home listings average $235, professionally managed properties average $233 (essentially no premium over all-listings, $1 above average), and the luxury tier averages $428 per night (approximately 85% above the overall market average). The near-zero professionally managed ADR premium is unusual and may indicate that most professionally managed inventory in this market is at the mid-tier level rather than concentrated in luxury or premium properties.
Monthly revenue: entire-place listings average $2,205 in April ($26,460 annualized at April pace), houses average $2,533 ($30,396 annualized), and apartments average $1,695 ($20,340 annualized). These figures reflect the April trough and should not be used as full-year projections. Underwriting should start from the 2025 full-year monthly average of $4,146 ($49,752 annualized), then apply a seasonal profile that weights July-August heavily.
For investors considering Suttons Bay Township specifically: the township operates a hard cap of 150 STR permits, and those permits are non-transferable on sale of the property. A buyer cannot acquire a property with an existing STR permit and carry that permit forward. This constraint meaningfully limits where new STR investment is viable within the two-township area.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The Lake Leelanau market area shows a booking lead time of approximately 49 days in the April 2026 data. Guests commit to reservations roughly seven weeks before their intended arrival date, consistent with a destination market where summer planning typically begins in late spring.
For peak-season operators, this 49-day lead window compresses the pricing window for July and August significantly. High-demand weeks around the peak of Sleeping Bear Dunes National Lakeshore visitation (the park attracts approximately 1.2 million visitors annually) often fill at elevated rates well in advance, and operators should set summer pricing early.
Average length of stay is 3.1 days, the shortest in this batch of markets. The relatively brief stays are consistent with weekend-oriented lakeside getaways rather than extended vacation stays. Short LOS increases turnover costs and cleaning frequency; operators in this market should factor cleaning costs carefully into rate structures, particularly during peak season when back-to-back turnover is common.
Short-Term Rental Regulations
Lake Leelanau STR operations fall under two different township jurisdictions, each with distinct rules.
Leland Township requires STR registration at $150 per year. There is no published permit cap; operators may apply without competitive limits. Permits must be renewed annually.
Suttons Bay Township requires STR registration at $200 per year and operates under a hard permit cap of 150 active permits. Unlike Leland Township, Suttons Bay STR permits are non-transferable on property sale. A buyer acquiring a property in Suttons Bay Township cannot inherit or transfer the seller’s existing STR permit; the buyer must apply for a new permit from the capped pool, and approval is not guaranteed if the cap is full. This constraint is material for investors targeting that area.
Michigan’s 6% state use tax applies to short-term rental revenue. Additional county or local accommodations taxes may apply; operators should confirm current rates with the Leelanau County Treasurer before assuming tax rates.
Pending Michigan HB 4722 would preempt local governments from prohibiting STRs or placing caps on the number of permitted STRs in a jurisdiction. If enacted, it could eliminate Suttons Bay Township’s 150-permit cap, but the bill’s outcome and timeline remain uncertain as of the data date.
Enforcement in both townships is classified as moderate, primarily complaint-driven. There is no published owner-occupancy or primary-residence requirement, and no annual night cap.
Market Comparison
Lake Leelanau’s April 2026 ADR of $232 sits approximately 5% above the US short-term rental median of roughly $220. However, April represents a trough month; the July ADR of $348 is approximately 58% above the US median, reflecting the premium pricing commanded during peak summer in a National Lakeshore corridor. Occupancy at 38.2% in April is well below the US STR median of approximately 55%, but the full-year 2025 average of 48.0% occupancy indicates below-median utilization for this heavily seasonal market.
The top operator by listing count is Vacasa with 206 active listings, a 4.46 average rating from 5,978 reviews. Elevated Homes and Hospitality holds 116 listings with a 4.76 rating from 4,924 reviews. True North Property Management has 109 listings with a 4.54 rating from 3,627 reviews. The Mitten Group Property Management has 108 listings and the highest rating among the top five at 4.79 from 9,528 reviews. Evolve rounds out the top five with 94 listings and a 4.76 rating from 4,171 reviews. Together the top five operators hold 633 listings, approximately 23.5% of total active supply, indicating a more concentrated management structure than most markets in this batch.
Sleeping Bear Dunes National Lakeshore (approximately 1.2 million annual visitors) and the Leelanau Peninsula Wine Trail are the primary demand drivers. The market is fundamentally a summer nature-and-outdoor destination, with demand highly weather-dependent and concentrated in a short high season.
Frequently Asked Questions About Lake Leelanau, Michigan
What is the peak rental season in Lake Leelanau?
Why is April 2026 occupancy (38.2%) so different from the July peak (78.9%)?
Can I buy an existing STR property in Suttons Bay Township and keep operating it?
What are the permit costs for Lake Leelanau STR operations?
What taxes apply to short-term rentals in the Lake Leelanau area?
What is the average monthly revenue for Lake Leelanau STRs?
Who are the top property managers in the Lake Leelanau market?
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