Elk Rapids, Michigan Short-Term Rental Market
Elk Rapids, MI STRs averaged $232/night at 38.2% occupancy in April 2026, with July peak revenue averaging $6,783 in this northern Michigan lake market.
Quick Answer: Elk Rapids, 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 Elk Rapids. Regulations, taxes, and permit details below are specific to Elk Rapids.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Elk Rapids, Michigan is a small waterfront village of approximately 1,605 residents in Antrim County, situated on Grand Traverse Bay and Elk Lake roughly 20 minutes north of Traverse City. The surrounding market area is a seasonal northern Michigan lake destination drawing summer leisure visitors, boaters, and outdoor recreationists to beaches, harbors, the Chain-o-Lakes water trail, and the village’s historic downtown.
As of April 2026, the market posted a $232.22 average daily rate, a 38.21% occupancy rate, and a RevPAR of $88.73. April is a shoulder month in this strongly summer-peaked market. The composite score is 59.23 out of 100, with investability at 84.12 and revenue growth at 78.26. The seasonality score of 45.15 reflects one of the more pronounced seasonal swings in this dataset.
The market area tracks approximately 5,222 active listings, of which 5,064 (97.0%) are entire-place rentals and 158 are private rooms. Bedroom distribution shows 2-bedroom properties leading at 1,523, followed by 1-bedroom (1,303), 3-bedroom (1,236), 4-bedroom (711), and 5-bedroom-plus (443). Channel distribution shows strong dual-platform activity: 2,936 listings appear on both Airbnb and VRBO, while 1,475 are Airbnb-only and 811 are VRBO-only.
Year-over-year as of April 2026, occupancy declined 3.70% while ADR rose 4.60% and revenue grew marginally at 0.16%, consistent with a market adjusting after the post-pandemic demand surge by trading some occupancy for higher rates.
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 Elk Rapids
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 Elk Rapids?
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
Elk Rapids presents a high-revenue-potential but strongly seasonal investment profile. Average monthly revenue in April 2026 was $2,189, with an annualized run-rate of approximately $26,265 based on the April figure. However, July alone averages $6,783 in revenue, and June-August combined averages nearly $5,983 per month, meaning the summer three months drive the bulk of annual returns.
Property type performance shows houses generating $2,533 per month, approximately 16% above the all-listings average of $2,189. Entire-place units average $2,205, and apartments average $1,695, about 23% below market. Luxury-tier properties average $428.31 per night, an 84% premium over the $232.22 market average. Professionally managed properties average $232.69, effectively at market, suggesting that professional management in this area competes on service quality and operational reliability rather than commanding a price premium at the market-wide average level.
Housing price data is not available in the current snapshot for this area, so a gross yield cannot be computed. Northern Michigan lakefront and lake-view properties in Antrim County carry significant premiums above statewide median values; investors should obtain local broker valuations before underwriting.
A key investment constraint in the Village of Elk Rapids specifically is the STR license cap of approximately 61 units. Investors purchasing within village limits must verify license availability before acquisition; the cap may make new STR operations impossible in the village itself, though the broader market area has no such restriction.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Elk Rapids guests book an average of 49.48 days in advance and stay an average of 3.12 nights. The 49-day lead time reflects a market where guests are planning northern Michigan summer trips roughly 7 weeks in advance, likely coordinating with school calendars, boating schedules, and peak-season availability concerns.
The 3.12-night average stay is the shortest in this batch of markets, consistent with a predominantly weekend-getaway and 3-night summer trip pattern rather than extended stays. This means properties turn over frequently during peak season, with higher housekeeping costs and more check-in/check-out logistics per month.
For July and August specifically, operators should open availability and set peak rates as early as January, when northern Michigan summer inventory begins to be claimed by returning guests and advance planners. Holding firm on peak-weekend pricing prevents rate dilution. Shoulder months (May, September) can absorb more flexible pricing since those periods have genuine demand but lower urgency. Last-minute availability in December and January should be priced conservatively; occupancy in those months (31-39%) will require competitive rates to fill.
Short-Term Rental Regulations
Short-term rentals in the Village of Elk Rapids operate under a mandatory, capped licensing program that is among the more restrictive in northern Michigan. Every STR must be registered and licensed annually with the village. The village caps total licensed units at approximately 61 properties, representing about 7.7% of the village housing stock.
Existing operations dating to at least 2018 are grandfathered. When the cap is reached, new licenses are issued from a waiting list that prioritizes applicants whose principal residence is in Elk Rapids. There is no owner-occupancy mandate to hold a license, but local residency improves access when new slots open.
Occupancy is limited to 10 guests per property (no more than two per bedroom). Overnight lodging outside the main dwelling (campers, trailers, tents, buses, RVs) is prohibited. Owners must meet parking and life-safety requirements and are subject to inspection; violations escalate from written warning to fine to license revocation. A 24/7 local contact requirement applies. Enforcement is rated strict.
The village was actively revising its STR ordinance via Ordinance 2026-17, with a public hearing held June 2, 2026. An earlier proposed $500 annual license fee failed on a 3-3 council vote; the fee schedule is unsettled as of the profile date. Operators should confirm current license availability and fees directly with the village before acquiring property within village limits.
Michigan applies a 6% state use (lodging) tax on rentals under 30 days; major platforms like Airbnb and VRBO typically collect and remit this tax automatically. No separate Elk Rapids local lodging tax was identified in available data.
Note: The broader Elk Rapids market area tracked in this data extends beyond village limits into Antrim County, where the village-specific cap does not apply.
Market Comparison
Elk Rapids’ $232.22 ADR for April 2026 is above the U.S. STR national median of approximately $220, reflecting the premium that northern Michigan lake properties command even in shoulder season. The 38.21% April occupancy is well below the national median of approximately 55%, but April is this market’s shoulder period.
Historical annual average occupancy peaked at 54.39% in 2020 and has declined to 46-48% in the 2022-2025 range, while ADR has grown from $276 in 2021 to $309 in 2024-2025. This is a classic post-pandemic normalization: occupancy coming off COVID-era peaks while rates hold. The 2024 annual average ADR of $309 represents a 39% increase from 2017’s $222.
On the operator side, Vacasa leads with 206 listings and 5,978 reviews at a 4.46 average rating. Elevated Homes and Hospitality manages 116 listings with a 4.76 rating from 4,924 reviews, and True North Property Management operates 109 listings with a 4.54 rating from 3,627 reviews. The Mitten Group Property Management is notable with 108 listings and 9,528 reviews at a 4.79 rating, one of the highest review counts among the top operators. Together, the top 3 operators manage approximately 431 listings, roughly 8.3% of the 5,222 total listings.
Frequently Asked Questions About Elk Rapids, Michigan
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