Grand Traverse County Michigan Residential Rent and Rental Statistics
The median monthly gross residential rent in Grand Traverse County MI was $1,024 in 2019 according to the Census ACS survey.1 Average gross rent in Grand Traverse County was $1,030 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Grand Traverse County median and average rent data will be released in September of 2021.
Data is also available below for Grand Traverse County rental vacancy rates, Grand Traverse County rent as a percent of median income and the fraction of renters in Grand Traverse County.
Real Gross Rent in Grand Traverse County Michigan (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Michigan Median Gross Rent | $888 | +1.25% | +3.62% |
| Grand Traverse County MI Median Gross Rent | $1,024 | +5.24% | +14.54% |
Grand Traverse County MI Real Gross Rent Trends
At $1,024, real median gross rent in Grand Traverse County was at its highest level in 2019 since the series began in 2005. At $1,030, real average gross rent in Grand Traverse County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Grand Traverse County MI Median, Grand Traverse County MI Average, Michigan Median, US Median
Real Gross Rent History for Grand Traverse County
| Date | US Median |
Michigan Median |
Grand Traverse County MI Median |
Grand Traverse County MI Average |
|---|---|---|---|---|
| 2019 | $1,097 | $888 | $1,024 | $1,030 |
| 2018 | $1,077 | $877 | $973 | $991 |
| 2017 | $1,043 | $861 | $986 | $976 |
| 2016 | $1,027 | $857 | $894 | $858 |
| 2015 | $1,017 | $852 | $953 | $967 |
| 2014 | $986 | $832 | $962 | $961 |
| 2013 | $953 | $809 | $885 | $909 |
| 2012 | $940 | $796 | $821 | $821 |
| 2011 | $941 | $798 | $872 | $908 |
| 2010 | $955 | $816 | $919 | $859 |
| 2009 | $960 | $816 | $908 | $881 |
| 2007 | $927 | $802 | $879 | $842 |
| 2005 | $910 | $819 | $983 | $961 |
Grand Traverse County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Grand Traverse County Michigan was 5.70% according to Census ACS data.
Rental Vacancy Rate in Grand Traverse County Michigan
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Michigan | 5.56% | +0.74% | +0.15% |
| Grand Traverse County MI | — | — | — |
Trends in Grand Traverse County MI Rental Vacancy Rate
The rental vacancy rate in Grand Traverse County peaked in 2011 at 14.58%. Since then it has fallen by 8.88% to 5.70%. Data records for this series originated in 2005.
Rental Vacancy Rate: Grand Traverse County MI, Michigan, US
Historical Rental Vacancy Rate data for Grand Traverse County
| Date | US | Michigan | Grand Traverse County MI |
|---|---|---|---|
| 2019 | 5.97% | 5.56% | — |
| 2018 | 6.15% | 4.82% | — |
| 2017 | 6.18% | 4.87% | 5.70% |
| 2016 | 5.89% | 5.41% | — |
| 2015 | 5.85% | 5.19% | 4.86% |
| 2014 | 6.32% | 5.88% | — |
| 2013 | 6.49% | 6.04% | 9.13% |
| 2012 | 6.77% | 6.73% | 7.96% |
| 2011 | 7.40% | 7.72% | 14.58% |
| 2010 | 8.17% | 9.60% | 13.13% |
| 2009 | 8.43% | 9.48% | 4.49% |
| 2007 | 7.87% | 9.66% | 7.80% |
| 2005 | 7.74% | 10.09% | 5.35% |
Rent as a Fraction of Income
Using median household income data for Grand Traverse County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Grand Traverse County, median monthly gross rent as a fraction of median household income was 18.83% in 2019 according to the ACS.
Grand Traverse County Michigan Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Michigan | 17.88% | -0.34% | -0.82% |
| Grand Traverse County MI | 18.83% | +1.49% | +1.32% |
Trends in Grand Traverse County MI Rent as a Fraction of Income
The fraction of median Grand Traverse County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 20.90%. Since then it has fallen by 2.07% to 18.83%. From a 2018 low of 17.34%, the fraction of income going to rent has increased by 1.49%.
Fraction of Income towards Rent: Grand Traverse County MI, Michigan, US
Historical Data for Annual Rent as a Fraction of Income in Grand Traverse County Michigan
| Date | US | Michigan | Grand Traverse County MI |
|---|---|---|---|
| 2019 | 20.03% | 17.88% | 18.83% |
| 2018 | 20.50% | 18.22% | 17.34% |
| 2017 | 20.13% | 18.25% | 18.93% |
| 2016 | 20.43% | 18.70% | 17.51% |
| 2015 | 20.63% | 18.86% | 19.59% |
| 2014 | 20.89% | 18.97% | 19.07% |
| 2013 | 20.78% | 19.09% | 19.83% |
| 2012 | 20.65% | 19.16% | 17.94% |
| 2011 | 20.70% | 19.29% | 20.90% |
| 2010 | 20.50% | 19.29% | 20.81% |
| 2009 | 20.12% | 18.99% | 19.29% |
| 2007 | 18.66% | 17.09% | 19.83% |
| 2005 | 18.89% | 17.07% | 19.83% |
Renter Fraction in Grand Traverse County Michigan
You can calculate the renter fraction in Grand Traverse County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Grand Traverse County as a fraction of total Grand Traverse County households. In 2019 25.04% of households were renters according to Census ACS data.
Grand Traverse County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Michigan | 28.43% | -0.38% | -1.25% |
| Grand Traverse County MI | 25.04% | +0.32% | +1.50% |
Trends in the Grand Traverse County MI Renter Fraction
The Grand Traverse County household renter fraction peaked in in 2005 at 26.30% and is now 1.26% below that level. From a recent low of 20.31% in 2006, the household based renter fraction has now grown by 4.73%. The origin year for the series is 2005.
Fraction of Renting Households: Grand Traverse County MI, Michigan, US
History of Grand Traverse County Renter Fraction
| Date | US | Michigan | Grand Traverse County MI |
|---|---|---|---|
| 2019 | 35.89% | 28.43% | 25.04% |
| 2018 | 36.05% | 28.81% | 24.72% |
| 2017 | 36.13% | 28.67% | 22.84% |
| 2016 | 36.88% | 29.68% | 23.54% |
| 2015 | 36.97% | 29.58% | 25.91% |
| 2014 | 36.90% | 29.76% | 24.67% |
| 2013 | 36.50% | 29.45% | 25.41% |
| 2012 | 36.09% | 28.94% | 21.28% |
| 2011 | 35.42% | 28.26% | 21.47% |
| 2010 | 34.65% | 27.25% | 24.98% |
| 2009 | 34.13% | 26.81% | 26.20% |
| 2007 | 32.80% | 25.17% | 22.71% |
| 2005 | 33.10% | 25.33% | 26.30% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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