Realtor · Cumming, GA · Member since 2021 · 2 posts · 3 votes
My girlfriend and I are interested in buying into the upper Michigan STR markets (Traverse City, Charlevoix, Petoskey, Bay Harbor, etc), hoping we can take advantage of the hot vacation rental market up there in the summers and the popular ski slopes for the winters. Curious if anyone has had any luck in this area. I know some markets like Traverse City and Charlevoix are imposing STR ordinances to control the number of rental properties which is a bit concerning.
Investor · Chicago, IL · Member since 2020 · 148 posts · 97 votes
5y
Hi @Glenn Gruschow! My STRs are in lower Michigan but I have done research and know investors who have STRs in the Traverse City area. It's a great market as it tends to draw guests year round. Like you mentioned, be aware of the short-term rental regulations through the city but also pay close attention if there is an HOA. The HOA may have some fine print about rentals less than 30 days. A friend was renting out her cabin in Harbor Springs and then HOA changed the rules to only allow rentals for 30+ days.
Investor · Chicago, IL · Member since 2020 · 148 posts · 97 votes
5y
Hi @Glenn Gruschow! My STRs are in lower Michigan but I have done research and know investors who have STRs in the Traverse City area. It's a great market as it tends to draw guests year round. Like you mentioned, be aware of the short-term rental regulations through the city but also pay close attention if there is an HOA. The HOA may have some fine print about rentals less than 30 days. A friend was renting out her cabin in Harbor Springs and then HOA changed the rules to only allow rentals for 30+ days.
Real Estate Agent · Traverse City, MI · Member since 2020 · 16 posts · 9 votes
5y
Hi @Glenn Gruschow, I'm very familiar with the STR market in Northern MI, especially around the Traverse City and surrounding areas up to Charlevoix, Petoskey, and Harbor Springs. I own STR's myself as an investor, and I'm a buyers agent helping other investor find their ideal STR or long term investment property. You are absolutely correct about the importance of understand which townships allow STR's, and also knowing the HOA restrictions for specific areas as well. STR's are a great investment in this area, occupancy rates are extremely high in the summer, and very high during the spring and fall. Winter occupancy is lower than the other seasons, but still produces income. Let me know if there is anything I can help you out with, or if there are specific areas, prices ranges, cash flow goals, or cash-on-cash returns you are looking for. I'm also involved in new development in Traverse City on Condo units that are zoned to allow STR's. Pre-bookings for some of those condos will be in full swing later this year. Let me know if you have any specific questions related to STR's.
Ryan Anderson, REALTOR with the Mitten Real Estate Group, Brokered by eXp Realty